DING DING DING!
There is some dissent regarding this opinion, but Oracle has had it out for HP for a long time, and seems to be doing whatever it can to tank the stock for a cheaper takeover. So far it’s doing a damned fine job of it, too. The rumor mill says when HP hits $15, Oracle will swoop in, and the way the stock is headed it doesn’t look like it’ll take long to find out who is right.
…
Thank god somebody finally started a thread where Repo could talk about himself.
OK, OK, sorry.
I wonder why Larry’s girlfriend is wearing an FBI cap. I also wonder whether buying the tournament succeeded at impressing her.
HP recorded a non-cash charge for the impairment of goodwill and intangible assets within its Software segment of approximately $8.8 billion in the fourth quarter of its 2012 fiscal year. The majority of this impairment charge is linked to serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation plc that occurred prior to HP’s acquisition of Autonomy and the associated impact of those improprieties, failures and misrepresentations on the expected future financial performance of the Autonomy business over the long-term.
What a surprise.
So Larry was right?
Yep. HP has been in trouble for a while, all of my reps are fleeing the sinking ship. I can see it collapsing back down into a consumer-level hardware company.
H.
That Leo Apotheker was truly big disaster for HP.
Speaking as someone who worked for HP back in the good old days (1984 - 91), it’s really sad to see what’s going on there. I joined when John Young was still CEO and Dave Packard was Chairman.
But Apotheker really took the cake. He was way over his head and had a worse impact than Carly Fiorina in a much shorter time.
Meg Whitman has been a more stabilizing influence, but now that she’s been tarred a bit with the Autonomy brush (she did sign off on the deal when she came on board), and is being sued by the Justice department as part of an antitrust case (regarding her time at eBay), she’s becoming radioactive as well.
Really, HP needs to return to its roots and promote from within. If anyone’s left, that is.
Those were the good old days for sure - didn’t realize that was your background. It’s amazing how many bad decisions HP has made since opting to buy Compaq. HP really is an example of a corporation which has survived through talented staff in the trenches, despite incompetent management.
But first they need to buy a paper company.
HP has been in decline since H and P retired. Carleton Fiorina was the first of a long succession of bad leaders. The Compaq acquisition was the first in a long series of terrible choices.
Sure, they made a lot of money on their extortionate ink cartridge business in the 90s, but if that’s how they decided to make their mark after actually being a good company – a high quality vendor of innovative products – as late as the 80s, they might as well have shut everything down back then.
I had not read this thread when I posted in the other one:
It is weird how people from different walks of life and professions came to the exact same exact set of conclusions. Eeery. So how much have those rotten Executives taken from the company as they continuously shave jobs and talent?
Is there a registration free link ?
bump
I know this will be a huuuuuuge surprise to everyone…
Autonomy, the British software company accused of large-scale fraud following a takeover by HP, misstated profits by a factor of more than five, according to revised accounts.
In 2010, Autonomy Systems Limited, the subsidiary responsible for its European trading, reported profit after tax of £105.7m. In the restated version, the company’s bottom line shows only £19.6m. In the original accounts, audited by Deloitte, revenues were £175.6m. The restated turnover of £81.3m, signed off by HP’s auditors Ernst & Young and filed on Monday at Companies House, is less than half as much.
An HP spokesman said: “These restatements, and the reasons for them, are consistent with HP’s previous disclosures regarding accounting improprieties in Autonomy’s pre-acquisition financials. “The substantial work necessary to prepare these accounts has revealed extensive accounting errors and misrepresentations in the previously issued 2010 audited financial statements, including the problems previously identified by HP.”
Does the original auditor (Deloitte in this case) have any sort of liability for this massive error?
I hope so. Though HP was stupid to buy Autonomy in the first place.
Can Apothekar be blamed still? I just want an excuse to post his smiling face.