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What: Shares of Hewlett-Packard (NYSE: HPQ) got crushed today, down by as much as 13%, after the company provided disappointing fiscal 2013 outlook.

So what: The iconic PC giant expects next fiscal year to see non-GAAP earnings per share in the range of $3.40 to $3.60. That's well below the $4.18-per-share profit that analysts were expecting HP to post. On a GAAP basis, the bottom line will likely be between $2.10 and $2.30 per share after excluding about $1.30 per share in amortization of intangibles and other restructuring charges.

Now what: CEO Meg Whitman said HP's revolving-door CEO policy has had a negative effect on the company. She's inherited her fair share of impairments spawned from decisions made by her predecessors, and there's still probably still one more shoe waiting to drop. Whitman expects the company to keep pace with the overall economy by 2016. This turnaround is going to take a lot longer than investors had previously expected.

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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days. The Motley Fool has a disclosure policy.