HP Revenue Dips 18%
Revenue fell 18 percent year-over-year. Gross margin this quarter was 25.7 percent, almost equal to the 26 percent last quarter on a pro forma basis.
In July, HP announced a work-force reduction program to eliminate 6,000 jobs, resulting in an annualized savings of $500 million. HP took a pre-tax restructuring charge of $282 million in the fourth quarter of this fiscal year, covering most of the planned headcount reduction. HP said 4,000 of the reductions had taken place as of Oct. 31, with the rest scheduled to be done in the first half of fiscal 2002.