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HP Says It Beat Cost-Cutting Targets
Mar 9, 2004
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Hewlett-Packard (HP) has made bigger cuts in a shorter timeframe than expected after its multibillion-dollar merger with Compaq Computer, according to HP CEO Carly Fiorina.

The computer and printer maker had aimed to make around U.S. $2.5 billion in cuts in the 2-1/2 years after the 2002 acquisition of Compaq, but achieved $3.5 billion in savings in just 12 months, Ms. Fiorina said.

"We are now growing our business,'' she stated. "Our competitive position continues to strengthen with market-share growth in virtually every one of our businesses and our regions around the world.''

Ms. Fiorina added that this included markets in Singapore and Southeast Asia.

HP, based in Palo Alto, CA, U.S., reported in February that fiscal first-quarter revenue in the Asia-Pacific region grew 9 percent to U.S. $2.1 billion, representing 11 percent of its total revenue.

Ms. Fiorina said HP would increasingly focus on growing demand for digital products in the consumer market and on grid computing -- the sharing of processing power -- in the corporate realm.

"In the consumer space, we are very focused on the digital revolution that we know will go on in the home,'' she said, adding that entertainment is the main driver of the revolution.

"I believe the digital revolution in the home is a revolution that is just beginning and that will play out over the next decade,'' Ms. Fiorina continued.

HP said it will continue to invest heavily in research and development and in training. The company spends about $4 billion a year on R&D, she said, and its scientists are generating 11 patents per day compared with two per day 2 years ago. (Reuters)

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