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Western Digital Inc, Intel Corp and HP Inc - AFTER HOURS

Few HP shareholders will mourn Meg Whitman's departure, but investors in other tech companies might fear she will wangle a hugely well-paid senior position at their company
Once a byword for a well-managed company, HP has lost its way

Serial company crusher Meg Whitman has stepped down as chairperson of fading computer giant HP Inc (NYSE:HPQ).

She has been succeeded by the appropriately named Chip Bergh, the chief executive of jeans maker Levi Strauss.

Whitman, who was in charge of online auction giant eBay when it wasted billions of dollars buying loss-making Internet phone call firm Skype, only to find the company she had bought did not own the technology behind its flagship product.

Her stint at HP was noticeably no more successful, with the company wasting US$11bn on the acquisition of British technology company, Autonomy.

The company wrote down the value of its investment by US$8.8bn, alleging that about US$5bn of that write-down was due to alleged “improper accounting” by the British company.

In other tech news, computer storage device giant Western Digital Corp (NASDAQ:WDC) posted fiscal fourth quarter earnings per share of US$2.93, up 187.3% from US$1.02 in the corresponding period of last year.

Revenue rose 38.3% to US$4.84bn from US$3.50bn a year earlier.

The shares were off 5% at US87.35 in screen-based trading.

Computer chip leviathan Intel Corporation (NASDAQ:INTC) – known as Chipzilla by computer geeks – saw its net income rise 20.7% to US$3.5bn in the second quarter of 2017 from US$2.9bn the year before.

That was equivalent to 72 cents per share (2016: 59 cents), and four cents above the market consensus.

Revenue rose 9.6% to US$14.8bn from US$13.5bn.

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