HP has hit its Q3 financial targets. Revenues were down 11% to £16.5 billion. The company posted a net loss of £2.5 billion due to a £$1.6 billion restructuring charge and $1.4 billion in merger related costs. Pro forma earnings from operations increased to $533 million from the $352m for HP and Compaq combined in the same period last year.
HP also announced it is on course to cut 10,000 jobs by the end of the fiscal year. The company axed 4,740 jobs during Q3.
Throughout our first 100 days, we’ve kept our eye on the ball, said Carly Fiorina, HP chairman and chief executive officer. We’re hitting all our integration milestones and are on track to meet our second-half targets. The top 50 contracts we won in the quarter totaled $2 billion in new long-term revenue, and we exit the quarter with almost $12 billion in cash and equivalents. While we have more work ahead, given the tough economy and a major integration, we’ve accomplished a great deal.