Hewlett-Packard Chief Executive Officer Meg Whitman on Wednesday projected a profit decline for fiscal 2013 as a turnaround effort at the struggling computer maker takes longer than expected.
“The recent financial performance of HP has not been good,” Whitman said at a meeting with financial analysts. “The single biggest challenge facing Hewlett- Packard has been the multiple changes in CEOs,” she said. “It’s going to take longer to right this ship than any of us would like.”
After a year on the job, Whitman is seeking to revive sales growth at the world’s largest PC maker by targeting businesses with new tablets, software and hardware for running data centers. The PC market will expand less than 1 percent this year – the worst performance since it shrank in 2001– according to IDC, complicating Whitman’s turnaround effort.
Next year will be a “fix and rebuild year,” Whitman said. “2014 will in fact be the year you see real recovery and expansion at HP.”