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Hewlett-Packard Management Discusses Q3 2012 Results - Earnings Call Transcript

Aug. 22, 2012 9:00 PM ETHP Inc. (HPQ) Stock2 Comments
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Hewlett-Packard (NYSE:HPQ) Q3 2012 Earnings Call August 22, 2012 5:00 PM ET

Executives

Rob Binns

Margaret C. Whitman - Chief Executive Officer, President and Director

Catherine A. Lesjak - Chief Financial Officer and Executive Vice President

Analysts

Benjamin A. Reitzes - Barclays Capital, Research Division

Bill C. Shope - Goldman Sachs Group Inc., Research Division

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

Kathryn L. Huberty - Morgan Stanley, Research Division

Keith F. Bachman - BMO Capital Markets U.S.

Aaron C. Rakers - Stifel, Nicolaus & Co., Inc., Research Division

Brian G. Alexander - Raymond James & Associates, Inc., Research Division

Mark A Moskowitz - JP Morgan Chase & Co, Research Division

Maynard Joseph Um - Wells Fargo Securities, LLC, Research Division

Kulbinder Garcha - Crédit Suisse AG, Research Division

Shannon S. Cross - Cross Research LLC

Operator

Welcome to the Third Quarter 2012 Hewlett-Packard Earnings Conference Call. My name is Monica, and I'll be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded. I would now like to turn the call over to Mr. Rob Binns, Vice President of Investor Relations. Rob, you may begin.

Rob Binns

Good afternoon. Welcome to our third quarter 2012 earnings conference call with Meg Whitman, HP's Chief Executive Officer. And Cathie Lesjak, HP's Chief Financial Officer.

Before handing the call over to Meg, may I remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately 1 year. Some information provided during this call may include forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements

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Comments (2)

Intangible Valuation profile picture
"Moving on to Services. As we announced on August 8, we are recording a GAAP-only noncash pretax charge of approximately $8 billion for the impairment of goodwill within the Services segment. The impairment stems from the recent trading values of HP stock coupled with market conditions and business trends within the Services segment. We do not expect this goodwill impairment charge to result in any future cash expenditures or otherwise affect the ongoing business or financial performance of the Services segment."

How peculiar! I had no idea one could justify an impairment charge with share price. Anyone have any other examples of this (I suppose it might have happened during the large impairment charges in 2008 and 2009)?
T
Tegus
22 Aug. 2012
Well, show me the money! Move faster... don't tell me that it will take some time to create the change. Bigger changes have been created by people who really know how to make change happen FAST... no excuses please, you are running out of time
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