HP has announced that it will post a giant loss of $8.85 billion (£5.7 billion) in its upcoming quarterly results.
Pre-empting the seemingly catastrophic results, HP has issued a release to explain – the major cash short-fall is mainly down to a one-time charge of $8 billion (£5 billion) related to its acquisition of Electronic Data Systems back in 2008.
Other than that, HP's actually looking in quite good shape. The company has upped its share-price estimates based on its restructuring works which seem to be going quite well.
As well as shedding quite a lot of staff, HP has appointed some new VPs as part of a plan to "drive profitable growth, service innovation and client satisfaction".
The company has had a turbulent 18 months, ditching its Palm-made hardware like the HP TouchPad and HP Pre 3 smartphone almost straight after launch, as well as ditching then-CEO Leo Apotheker in favour of ex-eBay head Meg Whitman.
It then ummed and ahhed about whether HP should keep making PCs before deciding that yes, yes it should.