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Hewlett-Packard reports $8.8 billion loss in Q3

  • Hewlett-Packard, the world's largest technology firm by sales, has reported a quarterly loss of $8.85 billion.

    Net revenue in the third quarter fell by 5 percent to $29.7 billion.

    The company was forced to write down the value of some assets, primarily related to its 413.9 billion purchase of Electronic Data Systems in 2008.

    HP also had to absorb some sizeable restructuring costs, as it looks to shed around 27,000 jobs by 2014.

    Along with rivals such as Dell, HP is struggling to offset plummeting PC sales with services revenue.