"We are already seeing significant improvement in our operations, we are successfully rebuilding our balance sheet, our cost structure is more closely aligned with our revenue and we have reignited innovation at Hewlett-Packard Company (NYSE:HPQ), with a focus on the customer." Whitman's cost controls are working Revenue fell 8% year over year, but HP never resorted to the ultimate panic strategy of deep discounts in the hunt for revenue targets. Product prices remained firm, and Whitman is whittling away at Hewlett-Packard Company (NYSE:HPQ)'s bloated cost structures. The result: Non-GAAP earnings jumped 29% higher year over year, despite lower sales. The turnaround story is far from complete, but Whitman does seem to have her company on the right track here. It's just a flesh wound! There's no question that a 14% single-day drop hurts investors — in the short term.