Long-Term Turnaround

Overall, though, HP's clearly a work in progress.

Whitman has previously earned plaudits for her attempts to revitalize the company, but the sheer scale of her task is now becoming fully apparent.

The former eBay ( EBAY) chief has already made widespread changes since taking over from the ousted Apotheker last year. In May, for example, HP announced plans to cut 27,000 jobs, 8% of its total work force as part of the company's broader restructuring plan. Earlier this month, the company also made a series of personnel changes in its underperforming Enterprise Services (ES) division.

"For HP as a company, we are in the early stages of our turnaround and of our restructuring efforts," noted Whitman on Wednesday. "In fact, some of the changes we are making to improve our business long term, such as realigning and restructuring our sales force, are impacting our revenue performance in the short term."

The CEO also said that HP could shift strategic resources. "Behind the curtain, there's lots of smaller initiatives that I think we can take those resources and get more bang for the buck by really investing behind some of our best growth opportunities," she explained.

With HP's turnaround still in its relative infancy, the big question is whether investors have the patience to wait for Whitman to implement her vision for the lumbering Silicon Valley giant.

HP shares were plunging more than 7% to $17.77 on Thursday.

-- Written by James Rogers in New York.

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