Stefan Mileschin

The troubled maker of expensive printer ink, HP has reported its results, which show that even after its restructuring it is still in a slow death spiral.

Shares in HP dropped eight percent in after-hours trading after the company reported a nine percent decline in Enterprise Group revenue. Enterprise is the company's second-largest division and a major part of CEO Meg Whitman's cunning plan to transform HP into a provider of enterprise computing services able to take on IBM and Cisco.

The troubled company has been suffering from a morale numbing restructuring for the past two years, and is still stuck with weak IT spending.

HP recorded revenue of $27.2 billion in the fiscal third quarter, down from $29.7 billion a year earlier. That missed the $27.3 billion in sales that the cocaine nose jobs of Wall Street had expected.

According to analyst outfit TBR, HP managed to improve its profits but failed to halt revenue declines.

HP's plan has been to control expenses and reallocate savings to fund lucrative, unified product, service and solution initiatives that allow HP to grow profit.

TBR analyst Jack Narcotta said that the cunning plan by Whitman and team of misery have not so far not worked,

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