Hewlett-Packard: Company Profile

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After more than a year of consistent and impressive growth, driven by the improvement in global economies, pent-up demand for business machines, and consumer interest in new computers with improved mobility, the computer hardware market slowed in the first half of 2011. The slowdown was attributable to several factors, which included moderating global economic growth, the earthquake and tsunami in Japan, and the substitution of media tablets for PCs. How has the decreased demand for computer hardware affected Hewlett-Packard? For the purposes of this report the companies’ 10-K Reports, Mergent Online, Datamonitor and Standard & Poor’s Net Advantage were referenced.

Laptops continue to lead desktops as the preferred form factor for PCs. In 2010, portables accounted for about 58% of PC unit shipments, up from about 55% in 2009. Portable PCs represented 61% of the dollar value of PC shipments in 2010, at about $153 billion, compared with $98 billion for desktops. Looking ahead, market research firm IDC estimates slow unit growth and declining dollar value for desktops through 2015: most of the industry growth will come from portable PCs. As of July 2011, IDC was forecasting total PC unit shipment growth of 4.2% for 2011 and growth near 10% for both 2012 and 2013.

BUSINESS DESCRIPTION

Hewlett-Packard is one of the largest technology companies in the world. Its offerings span printing, personal computing, software, services and information technology (IT) infrastructure. The company offers its products across the world, and operates development and manufacturing facilities in the US, the UK, Israel, Ireland, the Netherlands, China, India, Japan and Singapore.

HP operates through seven business segments: personal systems group (PSG), services, imaging and printing group (IPG), enterprise storage and servers (ESS), HP software, HP financial services (HPFS), and corporate investments. The company organizes services, ESS, and HP software segments as part of its HP enterprise business.

HP enterprise business provides servers, storage, software and IT services to enterprise and mid-market business customers. Its IT systems and services are primarily standard-based and feature differentiated technologies applicable in several areas, including power and cooling, unified management, security, virtualization and automation.

Services segment offers consulting, outsourcing and technology services across infrastructure, applications and business process domains. The segment is divided into four main business units: infrastructure technology outsourcing, technology services, applications services and business process outsourcing (BPO).

Infrastructure technology outsourcing provides services that streamline and optimize the clients’ infrastructure in areas, including the data center and the workplace (desktop); network and communications; and security, compliance and business continuity. It also offers a set of managed services, providing a cross-section of the company’s broader infrastructure services for smaller discrete engagements.

Technology services offering include consulting and support services, as well as warranty support across HP’s product lines. HP’s service areas include mission critical services, converged infrastructure services, networking services, data center transformation services and infrastructure services for storage, server and unified communication environments. The company’s technology services offerings are available in the form of service contracts, pre-packaged offerings (HP care pack services) or on an individual basis.

Application services offer full lifecycle services encompass application development, testing, modernization, system integration, maintenance and management. The company offers BPO services including both industry-specific and cross-industry solutions. Its cross-industry solutions include an array of enterprise shared services, customer relationship management services, financial process management services and administrative services.

ESS provides a broad portfolio of storage and server solutions including industry standard servers, business critical systems and storage.

The industry standard servers include primarily entry-level and mid-range ProLiant servers, which run mainly on Windows, Linux and Novell operating systems and use Intel and Advanced Micro Devices (AMD) processors. The business spans a range of product lines that include pedestal-tower servers, density-optimized rack servers and HP’s BladeSystem family of server blades.

The business critical systems include HP Integrity servers based on the Intel Itanium-based processor that run HP-UX, Windows and OpenVMS operating systems, as well as HP Integrity NonStop solutions. These also include HP’s scale-up x86 ProLiant servers with more than four processors. In addition, the company continues to support the HP9000 servers and HP AlphaServers with offers available to upgrade these systems to current HP Integrity systems. During 2010, HP introduced new Integrity blade servers and the Superdome 2 server solution based on the BladeSystem architecture.

ESS segment’s storage offerings include entry-level, mid-range and high-end arrays, storage area networks, network attached storage, storage management software and virtualization technologies, as well as StoreOnce data deduplication solutions, tape drives, tape libraries and optical archival storage.

HP software provides enterprise and service-provider software and services. Its portfolio consists of: enterprise IT management software, information management and business intelligence solutions, and communications and media solutions.

Enterprise IT management software include support and professional services for managing IT infrastructure, operations, applications, IT services, and business processes. These solutions also include tools to automate data center operations and IT processes. The company markets them as the HP business technology optimization suite, and provides them in the form of traditional software licenses and, in some cases, through a software-as-a-service (SAAS) distribution model.

Information management and business intelligence solutions include information data strategy, enterprise data warehousing, data integration, data protection, archiving, compliance, e-discovery and records management products.

Communications and media industry solutions include offerings in service delivery infrastructure and applications, real-time business support systems, next-generation operations support systems and digital media. These solutions allow creation, delivery and management of consumer and enterprise communications services.

PSG is the leading provider of personal computers (PCs) in the world. It provides commercial PCs, consumer PCs, workstations, handheld computing devices, calculators and other related accessories, software and services for the commercial and consumer markets. The segment is organized into two categories: commercial clients and consumer clients. The commercial clients include commercial desktops, commercial notebooks and workstations and consumer clients consist of consumer desktop and consumer notebooks. Both commercial and consumer PCs are based predominately on the Windows operating system and use Intel and AMD processors.

Commercial PCs are optimized for commercial uses, including enterprise and small-and mediumsized business (SMB) customers, and for connectivity and manageability in networked environments. These include HP Compaq, HP Pro and HP Elite lines of business desktops and notebooks, as well as the All in One TouchSmart and Omni PCs, HP Mini-Note PCs, HP Blade PCs, Retail POS systems and HP TwinClients.

Consumer PCs include the HP and Compaq series of multi-media consumer desktops, notebooks and mini notebooks, including the TouchSmart line of touch-enabled all-in-one desktops and notebooks.

The company’s workstations offerings are primarily used in areas such as computer animation, engineering design and other programs requiring high-resolution graphics. These systems run on both Windows and Linux-based operating systems. The handheld computing offerings include a series of HP iPAQ Pocket PC handheld computing devices that run on Windows Mobile software. These products range from basic portable digital assistants (PDAs) to smartphone devices with voice and data capability.

IPG segment provides consumer and commercial printer hardware, printing supplies, printing media and scanning devices. The segment also focuses on imaging solutions in the commercial markets. These solutions range from managed print services solutions to addressing new growth opportunities in commercial printing and capturing high-value pages in areas such as industrial applications, outdoor signage, and the graphic arts business. IPG includes inkjet and web solutions, LaserJet and enterprise solutions, managed enterprise solutions, graphics solutions, and printer supplies.

The inkjet and web solutions comprise HP’s consumer and SMB inkjet solutions (hardware, supplies, and media) and HP’s retail and web businesses.These solutions include single function and all-in-one inkjet printers targeting consumers and SMBs as well as retail publishing solutions, Snapfish, and Logoworks.

LaserJet and enterprise solutions include LaserJet printers and supplies, multi-function printers, scanners and enterprise software solutions, such as Exstream Software and Web Jetadmin.

Managed enterprise solutions offers managed print services products and solutions to enterprise customers. This unit partners with third-party software providers to offer workflow solutions in the enterprise environment.

Graphics solutions include large format printing (Designjet and Scitex), large format supplies, WebPress supplies, Indigo printing, specialty printing systems and inkjet high-speed production solutions.

Printer supplies comprise LaserJet toner and inkjet printer cartridges, graphic solutions ink products, and other printing-related media.

HPFS provides a range of value-added financial life-cycle management services to support and enhance HP’s global product and service solutions. The group offers leasing, financing, utility programs and asset recovery services, as well as financial asset management services for global and enterprise customers. HPFS also provides an array of specialized financial services to SMBs, and educational and governmental entities.

Corporate investments include Hewlett-Packard Laboratories (HP Labs), network infrastructure products, mobile devices associated with the Palm acquisition, and certain business incubation projects. The segment also includes certain video collaboration products sold under the brand “Halo”, and Palm smartphones, which are targeted at the consumer segment and include the Pixi and Pre models running on the WebOS operating system. It also derives revenue from licensing specific HP technology to third parties.

MAJOR PRODUCTS AND SERVICES

Hewlett-Packard (HP) is a leading global provider of technology products, software, solutions and services. The company’s key products and services include the following:

Personal systems group:

Commercial PCs

Business desktops

Notebooks

Mini notebooks

Consumer PCs

Consumer desktops

Notebooks

Mini notebooks

Workstations

Handheld computing devices

Calculators

Other related accessories

Services:

Infrastructure technology outsourcing

Technology services

Application services

Business process outsourcing

Imaging and printing group:

Single function and all-in-one inkjet printers

Retail publishing solutions

Snapfish

Logoworks

LaserJet printers and supplies

Multi-function printers

Scanners

Enterprise software solutions

Exstream Software

Web Jetadmin

Managed print services products and solutions

Graphics solutions

Large format printing (Designjet and Scitex)

Large format supplies

WebPress supplies

Indigo printing

Specialty printing systems

Inkjet high-speed production solutions

Printer supplies

LaserJet toner cartridges

Inkjet printer cartridges

Graphic solutions ink products

Other printing-related media

Enterprise storage and servers:

Industry standard servers

Entry-level and mid-range ProLiant servers

Pedestal-tower servers

Density-optimized rack servers

BladeSystem family of server blades

Business critical systems

HP Integrity servers

HP Integrity nonstop solutions

Storage

Arrays

Storage area networks

Network attached storage

Storage management software and virtualization technologies

StoreOnce data deduplication solutions

Tape drives

Tape libraries

Optical archival storage

HP software:

Enterprise IT management software

Information management and business intelligence solutions

Communications and media solutions

HP financial services:

Leasing

Financing

Utility programs

Asset recovery services

Financial asset management services

Corporate investments:

HP Labs

Network infrastructure products

Mobile devices

Technology licensing

Video collaboration products

Brands:

HP

Vivera

Compaq

HP Pavilion

Compaq Presario

ProCurve

3Com

TippingPoint

Halo

REVENUE ANALYSIS

The company recorded revenues of $126,033 million during the financial year ended October 2010 (FY2010), an increase of 10% over 2009. In FY2010, the US, the company’s largest geographic market, accounted for 35.3% of the total revenues.

HP generates revenues through seven business divisions: personal systems group (31.7% of the total divisional revenues in FY2010), services (27.2%), imaging and printing group (20%), enterprise storage and servers (14.5%), HP software (2.8%), HP financial services (2.4%), and corporate investments (1.4%).

Revenues by Division

In FY2010, the personal systems group division recorded revenues of $40,741 million, an increase of 15.4% over 2009.

The services division recorded revenues of $34,935 million in FY2010, an increase of 0.7% over 2009.

The imaging and printing group division recorded revenues of $25,764 million in FY2010, an increase of 7.3% over 2009.

The enterprise storage and servers division recorded revenues of $18,651 million in FY2010, an increase of 21.4% over 2009.

The HP software division recorded revenues of $3,586 million in FY2010, an increase of 0.4% over 2009.

The HP financial services division recorded revenues of $3,047 million in FY2010, an increase of 14% over 2009.

The corporate investments division recorded revenues of $1,863 million in FY2010, compared to revenues of $768 million in 2009.

Revenues by Geography

The US, HP’s largest geographical market, accounted for 35.3% of the total revenues in FY2010. Revenues from the US reached $44,542 million in FY2010, an increase of 7.8% over 2009.

Non-US accounted for 64.7% of the total revenues in FY2010. Revenues from non-US reached $81,491 million in FY2010, an increase of 11.3% over 2009.

SWOT ANALYSIS

Hewlett-Packard provides technology products, software, solutions and services to a broad range of customers including individuals, small and medium size businesses (SMBs) and large enterprises. Its portfolio includes multi-vendor customer services, enterprise information technology infrastructure, personal computing and other access devices, and imaging and printing-related products and services. Strong market position in various market segments provides economies of scale for the company, besides increasing its chance of winning customers. However, intense competition will adversely affect the revenues and profitability of the company in long term.

Strengths

Strong market position

Successful inorganic growth

Significant brand recognition

Weaknesses

Lack of significant presence in various

market segments

Opportunities

Growth of tablet PC market

Entry into smartphones market Legal proceedings

Increasing demand for cloud computing services

Focus on healthcare sector

Threats

Intense competition

Legal proceedings

Dependence on third-party suppliers

Strengths

Strong market position

Hewlett-Packard (HP) has a robust market position in most of the product segments it serves. The company leads the global PC market in terms of shipments. HP managed to take market leadership from Dell in the global PC market in 2006 and sustain the position through 2010. In 2010, the company had about 18% market share of the global PC market followed by Dell (13%), Acer (12%), and Lenovo (10%). HP shipped approximately 64 million PCs in 2010. In FY2010, HP’s industry standard server business continued to lead the industry in terms of units shipped and revenue. HP retained its leadership position in x86 server segment by accounting for nearly 39% of the total global revenue for 2010 in the x86 server segment. The company’s revenue from the x86 servers grew 34.0% in the current year compared to 2009, retaining its leadership position in this segment for over 59 straight quarters. The company also has a leadership position in server blades, the fastest growing segment of the market.

HP also has leading market position in the global printers market. It ships more than one million printers per week. The company was the second largest player in the storage market behind EMC in 2010. It also became one of the major IT services companies in the world with the acquisition of EDS in 2008. Also, the company serves more than one billion customers in more than 170 countries across six continents.

Strong market position in various market segments provides economies of scale for the company, besides increasing its chance of winning customers.

Successful inorganic growth

Over the years, HP has been successful in growing through large deals. The company’s major mergers and acquisitions in recent past include Compaq Computer in 2002, Mercury Interactive in 2006 and Electronic Data Systems (EDS) in 2008.These large acquisitions have allowed the company to gain scale and expand its capabilities in related areas.

The merger with Compaq allowed HP’s revenue to scale up from $48.8 billion to over $87 billion, and made it one of the leading players in the IT market. Further, the company’s acquisition of Mercury Interactive at a value of approximately $4.5 billion strengthened its portfolio of IT management software and services. Moreover, the company’s acquisition of EDS in a transaction valued at $13.9

billion made HP a leading player in IT services market. The acquisition, by value, was the largest in the IT services sector and the second largest in the technology industry, following HP’s acquisition of Compaq in 2002.

In addition, in April 2010, HP acquired 3Com, a leading provider of networking switching, routing and security solutions, at a value of approximately $2.7 billion. The acquisition of 3Com will expand the company’s Ethernet switching offerings, adds routing solutions and also strengthens its position in China. The company acquired Palm, a provider of smartphones powered by the Palm webOS mobile operating system, for approximately $1.2 billion, in July 2010. The acquisition will enable HP to tap the growing smartphone and connected mobile device markets.

In September 2010, HP acquired Fortify Software, a privately held software security assurance company and 3PAR, a leading global provider of utility storage, for approximately $2.35 billion. The acquisition of 3PAR expands HP’s storage portfolio into enterprise-class public and private cloud computing environments. In the following month, the company acquired ArcSight, a leading security and compliance management company, for approximately $1.5 billion. Further, in February 2011, the company signed a definitive agreement to acquire Vertica, a privately held, real-time analytics platform company.

The company’s successful inorganic growth allows it to increase its competitiveness both through scale and expanded portfolio of offerings. This creates value for both investors and customers of the company in long term.

Significant brand recognition

The company has significant brand recognition. The HP brand is recognized by various rating and ranking agencies. For instance, HP was ranked 10 in the list of top 100 Best Global Brands 2010 ranking by Interbrand, an international brand consultancy. HP brand was valued at $26,867 million in 2010, an increase of 12% over 2009. Further, in the Fortune 500 ranking, HP was ranked in the tenth position during 2010.

Significant brand recognition provides a competitive advantage to the company and allows it to penetrate markets for new offerings with ease.

Weaknesses

Lack of significant presence in various market segments

HP lacks significant presence in various segments of the IT market when compared to its major competitors. For instance, the company’s portfolio of offerings lack significant software product or management consulting services when compared to its major competitors including IBM, Accenture and EMC, among others. Moreover, the company depends upon other vendors to complement its offerings.

Further, increasing number of IT companies are establishing management consulting divisions in order to provide a more comprehensive and integrated range of services. While, both IBM and Accenture have strong management consulting practices, Indian IT companies such as Infosys Technologies have also added management consulting practice to their technology services in order provide better breadth and depth of services. However, HP has been continuing to enhance its portfolio to overcome this weakness.

The company is also way behind some of its competitors, including Apple, Samsung Electronics, and Acer, among others, in the tablet PC market. Although, the company’s acquisition of Palm in July 2010 enabled its entry into high growing smartphone market, it still has a long way to go to make its impact in the market. In the smart phone market, its operating system faces stiff competition from Google’s Android platform, Apple’s iOS, and RIM’s BlackBerry platform.

The company’s lack of significant presence in various areas may affect its competitiveness and makes it dependent on others for providing complementary offerings.

Opportunities

Growth of tablet PC market

The global tablet PC market is expected to grow strongly in the coming years. According to the industry sources, the global tablet shipments reached about 14 million in 2010 and are forecast to register a compounded annual growth rate (CAGR) of above 51% during the period 2010–14. The growth is expected to be driven by the demand from the US and Asia Pacific regions. In 2010, the market was led by the North American region with approximately 35% market share. By 2014, Asia Pacific region including China is expected to lead the tablet PC market.

In February 2011, HP launched the HP TouchPad, a 9.7-inch tablet PC that runs on webOS 3.0. The company plans to make available this product in the coming months. The company’s increased focus on the tablet PC segment will enable it to benefit from the growing market.

Entry into smartphones market

HP launched two smartphones, Veer and Pre3, running HP WebOS in February 2011. It plans to make available these products in the coming months. HP plans to project the Pre 3 as a business oriented smartphone and the Veer will have a 2.6-inch screen and an 800MHz Snapdragon chip with 8GB of storage.

Further, according to the industry sources, the worldwide smartphones market is forecast to record strong growth in coming years. The worldwide smartphones shipments, which accounted for about 15% of worldwide mobile phones shipments in 2009, are forecast to account for over 35% of shipments in 2012. The smart phone shipments reached approximately 275 million in 2010, anincrease of above 50% compared to 2009.

Growth of smart phone market presents an opportunity to the company to enhance its revenues in the coming years.

Increasing demand for cloud computing services

The worldwide demand for cloud computing services is forecast to record strong growth in coming years. Cloud computing is a computing infrastructure model, which enables delivery of software as a service (SaaS). This reduces the upfront royalty or licensing payments, investment in hardware and other operating expenses. As result of its benefits, the global cloud computing services market is forecast to record a growth of about 16% in 2010, reaching $68 billion in 2010, compared to $58.6 billion in 2009. Further, the market is expected to reach $148.5 billion in 2014, growing at a CAGR of 20%. With the growth of cloud computing services, the enterprises are expected to gain about $110 billion from SaaS, platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS) during the next five years.

The company has been focusing on the cloud computing area in recent times. In July 2010, HP and Microsoft partnered to work together on a Microsoft Windows Azure platform appliance that will enable large enterprise customers to adopt cloud-based applications. In August 2010, the company launched HP CloudStart, a solution for deploying an open and flexible private cloud environment within 30 days. In September 2010, HP introduced integrated private cloud solutions customized for Oracle applications that significantly shorten and simplify the deployment process. In December

2010, SHI International selected HP Networking solutions as the network infrastructure for its new IaaS cloud center.

In January 2011, HP launched a suite of new products and services that enable businesses and governments to leverage the power of the cloud while ensuring they meet required levels of security, performance and availability. The company and VMware collaborated to develop and market next-generation intrusion prevention system (IPS) solutions designed and optimized for VMware vSphere-based virtual and cloud environments.

The company’s increasing presence in the expanding cloud computing domain will provide it with the steady revenues and increasing customer base.

Focus on healthcare sector

HP has been focusing on providing healthcare solutions in recent times. In January 2010, the company and McKesson collaborated to work on electronic health record (EHR) adoption at independent physician practices. In October 2010, Quest Diagnostics’ health information technology subsidiary MedPlus and HP partnered to facilitate and simplify EHR adoption for physician practices across the US. Approximately one third of US physicians and many of the country’s leading hospitals, health plans, and regional health exchanges rely on health care information solutions developed by Quest Diagnostics to document, analyze and monitor diagnostic, prescription and clinical data to provide better patient care.The combination of Quest’s EHR solution with HP’s hardware and services

will create a platform for SMB physician practices to transition to an EHR system. In November 2010, the company formed an alliance with the Clinton Health Access Initiative (CHAI) to speed up early infant diagnosis of HIV in Kenya.

The company and African social enterprise mPedigree Network introduced a service that targets counterfeit pharmaceuticals by enabling people in Nigeria and Ghana to check the authenticity of their malaria medication in December 2010. The company’s solutions targeting healthcare sector will enable it to increase its revenues in the coming years.

Threats

Intense competition

HP faces intense competition in all its business segments. It competes in terms of price, quality, brand, technology, reputation, distribution and range of products, among other factors.The company faces stiff competition in the ESS segment and its competitors range from broad solution providers such as IBM to more focused competitors such as EMC and NetApp in storage and Dell in industry standard servers.

HP’s service businesses including HP Enterprise Services and Technology Services compete in IT support services, consulting and integration, infrastructure technology outsourcing, business process outsourcing and application services. Its competitors include IBM Global Services, CSC, systems integration firms such as Accenture, and offshore companies such as Fujitsu and India-based companies, including Wipro, Infosys Technologies, and Tata Consultancy Services.

The company’s enterprise IT management software faces competition from IBM, CA, BMC Software, and others. HP’s information management and business intelligence solutions compete with products from companies, including Symantec, IBM, EMC, CA, and Teradata. Its communications and media solutions compete with products from IBM and various other competitors. In branded personal computers market, the company’s competitors include Dell, Acer, ASUSTeK Computer, Apple, Lenovo Group and Toshiba. In particular regions, HP also experiences competition from local companies and from generically-branded or “white box” manufacturers.

Further, the company’s imaging and printing group’s key competitors include Canon, Lexmark International, Xerox, Seiko Epson, Samsung Electronics, and Brother Industries. In addition, independent suppliers offer refill and remanufactured alternatives for the company’s supplies which, may be offered at lower prices and put pressure on HP’s supplies sales and margins.

Intense competition will adversely affect the revenues and profitability of the company in long term.

Legal proceedings

The company has been involved in various legal disputes for the past few years. HP is involved in several lawsuits in which the plaintiffs are seeking unpaid overtime compensation and other damages based on allegations that various employees of EDS or HP have been misclassified as exempt employees under the Fair Labor Standards Act and/or in violation of the California Labor Code or other state laws. In addition, during 2010, Hewlett-Packard India Sales (HPI), a subsidiary of HP, and certain current and former HP employees have received show cause notices from the India Directorate of Revenue Intelligence (DRI) alleging underpayment of certain customs duties. The company intends to contest each of the show cause notices through the judicial process.

Further, the German Public Prosecutor’s Office (German PPO) has been conducting an investigation into allegations that current and former employees of HP engaged in bribery, embezzlement and tax evasion relating to a transaction between Hewlett-Packard ISE in Germany, a former subsidiary of HP, and the Chief Public Prosecutor’s Office of the Russian Federation. The Russian GPO deal spanned the years 2001 to 2006 and was for the delivery and installation of an IT network. The US Department of Justice and the SEC have also been conducting an investigation into the Russia GPO deal and potential violations of the Foreign Corrupt Practices Act (FCPA). Under the FCPA, a person or an entity may be subject to fines, civil penalties of up to $500,000 per violation and equitable remedies.

Any unfavorable resolution of above litigations will affect the company’s image and affects its investors’ confidence.

Dependence on third-party suppliers

HP depends on third-party suppliers for components, products and services. The company’s ability to serve its customer at a competitive price depends on its suppliers’ ability to deliver sufficient quantities of quality components, products and services at reasonable prices in time to meet schedules. The company’s wide variety of systems, products and services require it to source from the large number of suppliers and contract manufacturers that are dispersed across the globe, and the long lead times that are required to manufacture, assemble and deliver certain components and products.

For instance, replacing a single source supplier may delay production of some products as replacement suppliers initially may be subject to capacity constraints or other output limitations. For some components, such as customized components and some of the processors that HP obtains from Intel, alternative sources may not exist or those alternative sources may be unable to produce the quantities of those components necessary to satisfy the company’s production requirements.

Dependence on third-party suppliers exposes the company to risk associated with its ability to manage suppliers properly. The company’s inability to manage suppliers properly may affect its operating performance and brand value.

TOP COMPETITORS

The following companies are the major competitors of Hewlett-Packard Company

Dell Inc.

International Business Machines Corporation

Lexmark International, Inc.

Toshiba Corporation

Lenovo Group Limited

Acer Inc.

Accenture Ltd

BMC Software, Inc.

Canon Inc.

EMC Corporation

Samsung Electronics Co., Ltd.

Seiko Epson Corporation

Xerox Corporation

CA, Inc.

ASUSTeK Computer Inc.

Fujitsu Limited

Infosys Technologies Limited

Tata Consultancy Services Limited

Wipro Limited

Computer Sciences Corporation

NetApp, Inc.

Oracle Corporation

Sony Corporation

Apple Inc.

Brother Industries, Ltd.

Symantec Corporation

Teradata Corporation

COMPANY VIEW

A quote by Leo Apotheker, President and Chief Executive Officer at Hewlett-Packard is given below. The statement has been taken from the company’s 2010 annual report.

The expanding global middle class can fully participate in the information economy, and the door of opportunity can open to the nearly 7 billion people in the global community. At HP, we are well-positioned to create value for our customers and stockholders. The role of technology is becoming increasingly fundamental to the workings of our global society, and we are harnessing the power of information to improve the way people live, businesses operate, and the world works.

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