Hewlett-Packard reports 32 percent in quarterly profits

  • Hewlett-Packard posted a 32 percent drop in quarterly profits on Wednesday.

    Profits were down to $11 billion, the seventh straight quarterly fall in sales.

    In recent years, HP has struggled to boost PC sales as customers switch to smartphones and tablet computers.

    As a result, the firm has set out to cut costs by slashing 27,000 jobs by May 2014.

    Shares in the world's largest personal computer maker did rise in after-hours trading on the back of a higher forecast for full-year profits.

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