Hewlett-Packard is currently hemorrhaging money, thanks to a serious decline in PC sales. The company stands to lose almost $9 billion this quarter, and Apple’s iPad is largely to blame.
According to the Associated Press, HP is expected to lose between $4.31 and $4.49 for each share between May and June, adding up to the company’s most disappointing quarterly performance since it began in 1939.
Since the iPad was introduced in 2010, PC sales have been dropping steadily. HP is still the number one PC vendor in the U.S., but during the second quarter of 2012, its sales were down.
When counting the iPad as a PC, Apple controls the market, with a 19.4 percent total share, compared to HP’s 12.5 percent share.
The iPad has also soared in popularity. In its quarterly financial results released in April, the company reported a net profit of 11.6 billion dollars, with sales of more than 11.8 million iPads.
HP tried its hand in the tablet market, releasing the TouchPad in 2011. Unfortunately, as we all know, the TouchPad failed miserably, with HP selling off its tablet stock at $99 not long after the device was introduced.
Apple, on the other hand, is expected to sell more than 69 million iPads during 2012.