HP vows innovation as profits dip


Hewlett-Packard, the troubled but biggest maker of personal computers, promised “disruptive innovations” Thursday after seeing its profit slip in the past quarter.

HP said its net profit for its first fiscal quarter declined 16 percent from the same period a year ago to $1.2 billion. But it also marked a rebound from the previous quarter’s $6.9 billion loss, stemming from a massive writedown in the value of a British firm accused of accounting improprieties. Revenues also beat forecasts despite a 6 percent drop to $28.4 billion.

HP, which has been struggling amid a consumer shift away from PCs to tablets and other devices, is in the middle of a major restructuring program expected to trim some 29,000 jobs. Chief Executive Meg Whitman said she expected to announce changes at the company as part of the reorganization, but offered no specifics.