HP reports big loss on writedowns
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SAN FRANCISCO, Nov 20 AFP
November 21 2012, 00:58AM
Hewlett-Packard has reported a $US6.9 billion ($A6.66 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 per cent 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.