The actual figures show that during the fourth quarter of the year HP, which made $2.5bn in the same period, profited by only $239m for the same period this year.
The problem undoubtedly started when former CEO Leo Apotheker decided to refocus the business entirely on software and services plus high-end systems earlier this year. This meant dropping the WebOS tablets and phones, which the company had bought by buying Palm only 12 months previously.
It made sense. There wasn't and isn't much profit to be had from the "box" market unless you have huge quantities like Dell. HP is substantial but Apotheker's vision was that it should get out of the low profit areas and move into more lucrative markets - the same trick pulled off by IBM a few years back.
So no, people haven't been buying a lot of HP kit or services. They don't know which way the company's moving - and there's a nasty suspicion around that HP doesn't know either.