All Posts Tagged Tag: ‘Hewlett-Packard’

Can HP Survive the Post-PC Revolution?

On November 20, 2012, Hewlett-Packard (HP) announced its second quarterly write-down of over $8 billion dollars in a row. That in itself is cause for alarm, but the fact that HP blamed the write-downs on two of its largest recent acquisitions means the company could be flailing to find a foothold in a world where PCs and printers are quickly …

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HP Announces New EVP of Enterprise Services

Back in August, HP announced a huge $8 billion write-down stemming from the loss of value seen in Electronic Data Systems (EDS). HP bought the company in 2008 for $13.9 billion. As part of the announcement, the company sacked John Visentin, HP’s head of Enterprise Services and replaced him with temporarily with an EDS executive named Mike Nefkens. Today, HP …

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Autonomy Founder Starts Website to Combat Fraud Allegations

Autonomy founder Mike Lynch has been outspoken since HP leveled accounting fraud allegations against his former company. The executive, who left Autonomy earlier this year, has denied any wrongdoing and has shot back at HP, stating that mismanagement and infighting between HP divisions is responsible for the company’s massive value loss. Now, Lynch has created a website, AutonomyAccounts.org, to be …

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Autonomy Founder Issues Open Letter to HP, HP Responds

Ever since HP’s announcement that it will take an $8.8 billion impairment charge, mostly due to what it calls “serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy prior to its 2011 acquisition by HP, Autonomy founder Mike Lynch has been firing back at the company he says destroyed Autonomy’s value. Lynch claims that he and other former Autonomy executives …

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Autonomy Founder Blames HP For Lost Billions

HP is seeing some massive blowback from its announcement that it has taken an $8.8 billion impairment charge, and that around $5 billion of it is due to ” serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy. HP purchased the enterprise search and knowledge management service company just over one year ago for $10.2 billion. It claims that soon …

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Autonomy Founder Fires Back at HP Amid Accounting Fraud Claims

The founder of enterprise search and knowledge management service company Autonomy is firing back at HP amid allegations that his company used sketchy accounting practices to inflate its value prior to its sale to HP in August 2011. In an interview with the Wall Street Journal (WSJ), Lynch said of HP’s allegations that “they are completely and utterly wrong and …

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HP Logs $8.8 Billion Impairment Charge For Possibly Fraudulent Accounting by Autonomy

Just over one year ago, HP bought Autonomy, an enterprise search and knowledge management service company for $10.2 billion. Today, HP announced it would be taking an $8.8 billion impairment charge due to what it calls “serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy prior to HP’s acquisition of the company. HP stated that it discovered the fraudulent accounting …

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Hewlett-Packard to Cut 2,000 More Jobs Than Previously Stated

Hewlett-Packard (HP) announced today that it would cut 2,000 more jobs than it originally reported back in May. This brings the total planned layoffs up to 29,000 by the end of fiscal year 2014. According to a Bloomberg report, a regulatory filing today revealed the increased number of layoffs. Back in May, HP announced that it had begun a restructuring …

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HP Beefs Up Its Enterprise Security Solutions

Amid the spectre of job cuts and huge losses, HP seems to be reinventing itself. As many aging hardware manufacturers have, the company is beginning to restructure its business and focus its efforts on providing quality B2B enterprise solutions. Hewlett-Packard (HP) announced today that it has updated its enterprise security solutions. Its updated offerings run the gamut from “intelligent” solutions …

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HP to Report Quarterly Loss of Over $8 billion

HP hinted today that it expects to report the third quarter of 2012 as its largest-ever quarterly loss. The losses, which total more than $8 billion, are the affect of a restructuring program and a services goodwill impairment charge of around $8 billion. The $8 billion charge stems from the acquisition of IT services company Electronic Data Systems (EDS). When …

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Can We Blame Social Sites For HP’s Restructuring?

Over the next couple years, print giant Hewlett Packard will scale back their workforce by as much as 8%, or 27,000 people. It is all part of a massive initiative to restructure the way the company does business, and to stay competitive in this market, quick adaptation is needed. They expect to reinvest the money they save from cutting labor …

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HP Job Cuts: Company Announces 27,000

HP announced a massive restructuring today, which it says will generate annual savings of $3.0 to $3.5 billion (exiting fiscal year 2014). These savings will be reinvested back into the company, HP says. The restructuring comes at the cost of 27,000 jobs, as the company announced that it expects as many employees to exit the company. That’s 8% of its …

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