On Wednesday, Feb 18, HP reported 13 per cent decline in earnings for its fiscal first quarter, which ended Jan 31. Net income came upto $1.854 billion in the quarter, a reduced income from $2.133 billion in the same period a year ago. Revenue grew by 1 per cent year over year, to $28.8 billion, and HP said it expects business to decline by 2 per cent to 3 per cent in the current second quarter.
HP CEO Mark Hurd said during a briefing on the Q1 results on Wednesday, Feb 18 that instead of making job cuts, the company is cutting salaries, reducing travel and eliminating or lowering various types of discretionary spending.
Hurd himself will take a 20 per cent cut on his $1.45 million base salary, for a reduction of about $290,000.