The California-based firm with revenues of over $120 billion has witnessed tough times as turnover from its traditional businesses such as printers and PCs have declined due to consumers shifting to other devices like tablet PCs and smartphones.
“We’ve strengthened our financial performance, our balance sheet is healthy, cash flow looks strong and we have stabilized our business,” HP CEO Meg Whitman said at the HP World Tour.
She added that the company is investing more in research and development as customers are demanding more innovation.
“Every 10 or 15 years there is a new shift in IT and the next major inflexion point has arrived, driven by cloud, security, big data and mobility,” Whitman said adding that HP has differentiated itself from its competitors by being able to service all aspects of the latest IT revolution.
With technology shifting towards mobile, cloud computing and analytics, Whitman said the way consumers use IT today is very different compared to the past. Companies need to embrace this challenge.
HP’s strategy is to provide solutions for the shift in IT, she said.
“There is no resting on past successes and it has led us to a new style of IT, which opens up opportunities but comes with its own set of challenges,” she said.
As an example, she said businesses that generate millions of e-mails, tweets, videos and other forms of messages will have to figure out what information the digital footprint left behind, means for the company.
This information is processed on server computers in buildings, which, in the past required large dedicated rooms and also consumed vast amounts of electricity, Whitman added.
HP has announced launch of Android-based tablets, new printers (that are compatible with mobile devices and other wireless technologies) as well as services for enterprises and customers. These products will hit global markets in the next few months.
Whitman’s appointment as the head of one of the world’s biggest technology company has come at a time when HP is facing declining sales in PCs and printer segments. Its server business is also facing tough competition.
Whitman became HP’s chief executive in September 2011.