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HP reports massive write-down
With CEO Meg Whitman at the helm, Hewlett-Packard's stock has dropped 32 percent over the year.
With CEO Meg Whitman at the helm, Hewlett-Packard's stock has dropped 32 percent over the year.
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truggling computer manufacturer Hewlett-Packard on Tuesday reported a massive $8.8 billion write-down stemming from its 2011 purchase of software company Autonomy for $11.1 billion. H-P alleged that Autonomy had engaged in widespread accounting fraud that artificially inflated the value of the company, a charge denied by Autonomy's former CEO, Mike Lynch. The write-down is just the latest in a series of blows to HP, which has struggled with dwindling profits as consumers increasingly use Apple computers and smartphones as their main platforms for using the internet.

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