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Hewlett-Packard hit by big loss

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By SAPA

Hewlett-Packard on Tuesday reported a $6.9 billion quarterly loss, hit by a massive writedown in the value of a British company acquired last year which had “serious accounting improprieties.”

The US computer giant said the results closed the fiscal year with a $12.65 billion loss, sending its share price tumbling some nine percent in pre-market trade.

HP said it took a writeoff of $8.8 billion in the past quarter, mostly due to “serious accounting improprieties, disclosure failures and outright misrepresentations” at Autonomy Corporation, a British-based enterprise software firm bought by HP hast year for over $10 billion. - Sapa-AFP

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