HP Takes $8 Billion Writedown on Services Arm

Thursday Aug 9th 2012 by Datamation.com Staff

The company said the charge was necessary because of "the impairment of goodwill" in its enterprise services division.

PCWorld: HP has announced that it will write down $8 billion in the third quarter due to weakness in its enterprise services division. The writedown is related to "the impairment of goodwill," which in the financial world refers to intangible assets, including brand value.

As part of the same announcement, HP said that Mike Nefkens, senior vice president and general manager of Enterprise Services EMEA, will now lead the entire enterprise services division. He will replace John Vistenin, who joined the team during former CEO Leo Apotheker's tenure.

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