Hewlett Packard suffers 6 sales fall
Hewlett-Packard shares have recovered after the company suffered disappointing sales figures.
Hewlett-Packard (HP) shares have recovered after falling in trading yesterday when the computer giant reported a fall in first-quarter sales.
The world's largest PC manufacturer saw a six per cent slump in sales, as demand for desktop devices continues to dwindle.
Net sales in the three months to the end of January slipped to $28.4 billion (£15.3 billion), while net profit fell by 16 per cent from the previous year to $1.2 billion.
Chief executive Meg Whitman has said she will turn the ailing company around but has warned the process may take several years.
In May 2012, HP revealed plans to slash 27,000 jobs by the end of 2014 and said this action would lead to reduced costs of up to $3.5 billion a year.
HP also said it has improved its net debt position for the fourth consecutive quarter by more than $1 billion.
At 16:30 GMT, HP shares rose by 9.5 per cent to $18.73 per unit, while the technology-heavy Nasdaq increased by 0.3 per cent to 3141.1 per cent.
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