Hewlett-Packard Profits Plummet

Less profits -- and less drama. New Hewlett-Packard CEO Meg Whitman promises less of a roller-coaster ride in 2012 for the tech giant.

By Chris Roberts
|  Tuesday, Nov 22, 2011  |  Updated 2:53 PM PDT
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Neiman Marcus 2011 Fantasy Gifts

New Hewlett-Packard CEO Meg Whitman says 2012 will be a rebuilding year for the company.

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There's a host of changes in store for Palo Alto computer company Hewlett-Packard, according to new CEO Meg Whitman. First on the list, a 91-percent drop in profits.

The company reported sales of $32.1 billion and a $239 million profit in the final quarter of 2011, according to the San Jose Mercury News. Among the reasons why was the August decision to stop selling tablets and smartphones, declining printer ink and commercial computer sales, and confusing messages from Whitman's predecessor as to the company's future.

That all stops now, Whitman told analysts on Monday. 2012 "is a reset year," the former gubernatorial candidate said in a conference call. HP will chill out with big moves like the $10 billion acquisition of a British software company, and will "reduce the drama here," she said. "There was a lot of drama in 2011."

Whitman said the company will keep its $40 billion PC division in-house, the newspaper reported.
 

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