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HP Set to Topple IBM
HP is set to become world’s largest tech company
Hewlett-Packard
is picking up steam and is on its way to unseat Big Blue as the world’s
largest tech company. HP’s fourth quarter earnings report showed that
all of its business units are performing optimally and its sales are
expected to be ahead of IBM for the year.In recent years, investors
have the majority of HP’s profits come from its printer business. It’s
highly profitable ink cartridge unit was the company’s star performer.
But today, HP is seeing all of its business units firing on all
cylinders. Its corporate computing division has increased operating
profits by 47% to $4.7 billion USD and quarterly sales for its PC unit
have grown 10% to $7.8 billion USD. BusinessWeek reports:Overall
revenues grew 7.2%, to $24.6 billion for the quarter, impressive for a
company the size of HP. For the year, HP pulled in sales of $91.7
billion, a 6% increase. That’s a smidgen ahead of IBM’s projected
annual sales, making HP tech’s biggest player. HP generated $11.4
billion in cash for the year, up from $3.3 billion the year before.
That leaves it with $16.4 billion in cash, up from $13.9 billion at the
end of the previous year.Most of the recent gains have been attributed
to HP’s CEO, Mark Hurd. Hurd came to the company after the ouster of
Carly Fiorina.But despite all of HP’s financial gains for the year,
there are still a few legal matters that are swirling around the
company concerning boardroom leaks.
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