HP blew $3.3 billion killing Palm and webOS

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HP released its Q4 2011 financial results this afternoon, and while the company did better than Wall Street expected it to in total, it still managed to lose billions of dollars on the webOS platform. Last year, HP bought Palm for $1.2 billion, and today the company admitted how much more money it sunk into webOS this year, only to leave it high and dry halfway through.

According to the company figures, HP spent $3.3 billion on the remainder of Palm and webOS this year, even though it decided that it would discontinue webOS smartphones and tablets this summer. The company did bring in $200 million from the firesale of the TouchPad, but all of those sales were at a loss, so that can't really be counted in the win column.

Despite its gross bleeding of funds on webOS, we still don't know exactly what HP will do with its dwindling webOS division. While it is highly unlikely that the company will start making webOS hardware once again, it is not clear what will happen to the software platform and development. [via The Verge]