Editor's Note: This article was originally published at 7:34 a.m. EDT on Real Money on Aug. 22. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.
How do you stop the bleeding of a company that saw an 8% decline in revenue growth this quarter? How do you turn around sales in 2014, given that in the last four months she's gone from predicting an increase in revenue for next year to saying that such an increase would be unlikely?
First, here's the good news. Despite some pretty hideous numbers, including PC consumer revenue being down a staggering 22% and enterprise revenue being off 9%, the bleeding has been stopped.In fact, lost in all of the disappointment is the fact that the cash is building despite a 14% decline in earnings, with cash flow from operations at a healthy $2.7 billion, albeit down 6% from last year. The company knocked off $1.7 billion in debt, which is the sixth consecutive quarterly reduction of more than $1 billion dollars. Still, though, it's daunting, and when I interviewed Meg Whitman last night in preparation for today's sit-down, I struggled to find analogues to what must be done to get revenue rolling again. She suggested I look at two of the greatest turnarounds of all time for help: