HP Inc.

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This article is about the 2015 successor of Hewlett-Packard. For the predecessor company, see Hewlett-Packard. For other uses, see HP (disambiguation).

HP Inc.
TypePublic
IndustryComputer hardware
PredecessorHewlett-Packard
FoundedJanuary 1, 1939; 83 years ago (1939-01-01) (as Hewlett-Packard)
November 1, 2015; 6 years ago (2015-11-01)[1] (as HP Inc.)
Founders
Headquarters
Palo Alto, California
,
United States
Area served
Worldwide
Key people
Products
Revenue Increase US$63.49 billion (2021)[2]
Increase US$5.30 billion (2021)[2]
Increase US$6.50 billion (2020)[2]
Total assets Increase US$38.61 billion (2021)[2]
Total equity Increase US$−1.65 billion (2021)[2]
Number of employees
51,000 (2021)[2]
Divisions
SubsidiariesList of subsidiaries
Websitewww.hp.com
Footnotes / references
[2]

Coordinates: 37°24′40″N 122°08′52″W / 37.4111842°N 122.1476929°W / 37.4111842; -122.1476929

HP Inc. is an American multinational information technology company headquartered in Palo Alto, California, that develops personal computers (PCs), printers and related supplies, as well as 3D printing solutions.

It was formed on November 1, 2015, renamed from the personal computer and printer divisions of the original Hewlett-Packard Company, with that company's enterprise product and business services divisions becoming Hewlett Packard Enterprise. The split was structured so that Hewlett-Packard changed its name to HP Inc. and spun off Hewlett Packard Enterprise as a new publicly traded company. HP Inc. retains Hewlett-Packard's pre-2015 stock price history and its former stock ticker symbol, HPQ, while Hewlett Packard Enterprise trades under its own symbol, HPE.[3][4]

HP is listed on the New York Stock Exchange and is a constituent of the S&P 500 Index. It is the world's 2nd largest personal computer vendor by unit sales as of January 2021, after Lenovo.[5] In the 2018 Fortune 500 list, HP is ranked 58th largest United States corporation by total revenue.[6]

History[edit]

Main article: Hewlett-Packard § History

HP Inc. was formerly known as Hewlett-Packard. Hewlett-Packard was founded in 1939 by Bill Hewlett and David Packard, who both graduated with degrees in electrical engineering from Stanford University in 1935. The company started off in the HP Garage in Palo Alto, California. On November 1, 2015, Hewlett-Packard was renamed to HP Inc. and the company enterprise business were spun off and renamed to Hewlett Packard Enterprise.[4]

As HP Inc.[edit]

In May 2016, HP introduced a new PC gaming sub-brand known as Omen (reusing trademarks associated with VoodooPC), including gaming laptops and desktops (with the latter offering options such as water cooling and Nvidia GTX 1080 graphics, and promoted as VR-ready), and other accessories (such as monitors) designed to cater to the market.[7]

In November 2017, HP acquired Samsung Electronics' printer division for $1.05 billion.[8]

In February 2021, HP announced its acquisition of Kingston's gaming division HyperX.[9] The deal only includes computer peripherals branded as HyperX, not memory or storage. The sale was completed in June 2021.[10]

In February 2022, HP announced it had acquired the Edinburgh-based packaging development company, Choose Packaging, in an effort to strengthen its capabilities in the sustainable packaging vertical.[11][12]

Attempted merger with Xerox[edit]

On November 5, 2019, The Wall Street Journal reported that print and digital document company Xerox was contemplating acquiring HP.[13] The company unanimously rejected two unsolicited offers, including a cash-and-stock offer at $22 per-share.[14][15] HP stated that there was "uncertainty regarding Xerox’s ability to raise the cash portion of the proposed consideration" (especially given that Xerox is a smaller company in terms of market cap than HP), and noted the company's aggressiveness.[15] On November 26, 2019, Xerox issued a public letter defending allegations by HP that its offer was "uncertain" and "highly conditional", and declared its intent to "engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity."[16]

Xerox stated in January 2020 that it would propose the replacement of HP's board of directors during its next shareholder meeting in April 2020. In a statement to TechCrunch, HP disclosed a belief that Xerox's bid was being "driven by" activist shareholder Carl Icahn.[17] Xerox raised its bid to $24 per-share in February 2020.[18]

On February 21, 2020, HP instituted a shareholder rights plan to fend off Xerox's pursuit of a hostile takeover. Four days later, HP announced that, if shareholders rejected the Xerox purchase, it planned on offering $16 billion in capital return between fiscal 2020 and 2022, including $8 billion in additional share buybacks and raising its "target long-term return of capital to 100% of free cash flow generation". HP criticized Xerox's bid as a "flawed value exchange" based on "overstated synergies".[19][20] On March 5, 2020, HP rejected an offer at $24 per-share.[21]

On March 31, 2020, Xerox rescinded its bid to buy HP Inc, issuing in a statement, "The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc."[22]

Current operations[edit]

HP develops personal computers (PCs), printers and related supplies, as well as 3D Printing solutions.[4][1]

In 2021, total revenue of US$63.5 billion included US$30.5 billion from the sale of notebook computers, US$9.53 billion from the sale of desktop computers, US$12.7 billion from the sale of printer supplies, US$4.45 billion from the sale of commercial printers, and US$3.18 billion from the sale of consumer printers.[1]

Approximately 65% of revenue in 2021 came from outside of the United States.[23]

HP is organized into several groups, as outlined below.

Desktops and laptops[edit]

Business desktops:[24]

  • ProDesk: Affordable business desktops
  • EliteDesk: High end business desktops
  • Z workstation: Premium professional workstations

Business laptops:[25]

  • ProBook: Affordable business laptops
  • EliteBook: High end business laptops
  • ZBook: Premium professional workstation laptops[26]
  • Elite: business ultrabooks, tablets and detachable laptops.

Consumer laptops and desktops:[27]

Chromebooks:

Monitors[edit]

  • Omen: High-end gaming monitor[28][29]
  • X series: Mid-range gaming monitor[30]
  • Z series: Workstation monitor

Peripheral[edit]

  • HyperX

Audio partner[edit]

In March 2015, HP announced that Bang & Olufsen would become the company's new premium audio partner for its computers and other devices. The partnership replaced the one with Beats Electronics which ended upon its acquisition by Apple Inc.[31]

Printers[edit]

  • DeskJet and OfficeJet inkjet printers
  • LaserJet laser printers
  • PageWide wide-format inkjet printers, sheet-fed and web-fed
  • DesignJet plotters and wide-format printers
  • Indigo digital presses, sheet-fed and web-fed
  • Scitex and Latex large-format printers
  • HP Sprocket mobile photo printers

HP Business Solutions[edit]

HP Business Solutions are HP's products and services that are oriented towards businesses. These include:

  • HP JetAdvantage solutions manages businesses fleets of printers, scanners and MFPs. HP JetAdvantage also has the HP Universal Print Driver, which is a single driver that works with a large variety of HPs printers.[32]
  • HP Services is the brand used to HPs business services.[33]
  • Managed Print Services (MPS)[34]

Controversies[edit]

Restatement[edit]

In March 2003, HP restated its first-quarter cash flow from operations, reducing it by 18 percent because of an accounting error. The actual cash flow from operations was $647 million, and not $791 million as reported; HP shifted $144 million to net cash used in investing activities.[35]

Spying scandal[edit]

Main article: Hewlett-Packard spying scandal

On September 5, 2006, Shawn Cabalfin and David O'Neil of Newsweek wrote that HP's general counsel, at the behest of chairwoman Patricia Dunn, contracted a team of independent security experts to investigate board members and several journalists to identify the source of an information leak.[36] In turn, those security experts recruited private investigators who used pretexting,[37] which involved investigators impersonating HP board members and nine journalists (including reporters for CNET, The New York Times and The Wall Street Journal) in order to obtain their phone records. The information leaked related to HP's long-term strategy and was published as part of a CNET article[38] in January 2006. Most HP employees accused of criminal acts have since been acquitted.[39]

Hardware[edit]

In November 2007, HP released a BIOS update covering a wide range of laptops with the intent to speed up the computer fan and have it run constantly while the computer was on or off[40] to prevent the overheating of defective Nvidia graphics processing units (GPUs) that had been shipped to many of the original equipment manufacturers, including HP, Dell, and Apple.[41] The defect concerned the new packaging material used by Nvidia from 2007 onwards in joining the graphics chip onto the motherboard, which did not perform well under thermal cycling and was prone to develop stress cracks – effectively severing the connection between the GPU and the motherboard that led to a blank screen.[42] In July 2008, HP issued an extension to the initial one-year warranty to replace the motherboards of selected models.[43] However this option was not extended to all models with the defective Nvidia chipsets, despite research showing that these computers were also affected by the fault.[44] Furthermore, the replacement of the motherboard was a temporary fix, since the fault was inherent in all units of the affected models from the point of manufacture, including the replacement motherboards offered by HP as a free "repair".[45][46] Since then, several websites have been documenting the issue.[47] There have been several small-claims lawsuits filed in several states, as well as suits filed in other countries. HP also faced a class-action lawsuit in 2009 over its i7 processor computers: the complainants stated that their systems consistently locked up within 30 minutes of powering on. Even after being replaced with newer i7 systems, the lockups continued.[48]

Lawsuit against Oracle[edit]

HP filed a lawsuit in California Superior Court in Santa Clara, claiming that Oracle had breached an agreement to support the Itanium microprocessor used in HP's high-end enterprise servers.[49] On June 15, 2011, HP sent a "formal legal demand" letter to Oracle in an attempt to force them to reverse its decision to discontinue software development on Intel Itanium microprocessors[50] and build its own servers.[51] HP won the lawsuit in 2012, which required Oracle to continue producing software compatible with the Itanium processor.[52] HP was awarded $3 billion in damages against Oracle on June 30, 2016,[51][53] arguing that Oracle canceling support damaged HP's Itanium server brand. Oracle said it would appeal both the decision and damages.

HP wage and hour lawsuit[edit]

Several class action firms filed a class action lawsuit on January 12, 2012, against HP Inc. and Hewlett Packard Enterprise (“HP”), entitled "Jeffrey Wall, etc. v. HP, Inc." (formerly known as Hewlett-Packard Company, et al.), Case No. 30-2012-00537897, pending in the Superior Court of California, County of Orange. According to the lawsuit, HP allegedly failed to pay commission payments and incentive compensation that its California sales employees were owed within the timeframes proscribed by California law (Labor Code §§ 201, 202 and 204).[54] In 2017, FDAzar obtained a settlement of $25 million for class participants and changed the way HP pays incentive compensation and commission payments.[55]

Takeover of Autonomy[edit]

See also: Autonomy Corporation § Hewlett-Packard

In November 2012, HP recorded a write-down of around $8.8 billion related to its acquisition a year earlier of the UK-based Autonomy Corporation PLC. HP accused Autonomy of deliberately inflating the value of the company prior to its takeover, which the former management team of Autonomy denied.

At the time, HP had fired its previous CEO for expenses irregularities a year before, and appointed Apotheker as CEO and president. HP was seen as problematic by the market, with margins falling and having failed to redirect and establish itself in major new markets such as cloud and mobile services.

As part of Apotheker's strategy, Autonomy was acquired by HP in October 2011. HP paid $10.3 billion for 87.3% of the shares, valuing Autonomy at around $11.7 billion (£7.4 billion) overall, a premium of around 79% over market price. The deal was widely criticized as "absurdly high", a "botched strategy shift" and a "chaotic" attempt to rapidly reposition HP and enhance earnings,[56][57][58] and had been objected to even by HP's own CFO.[59][60]: 3–6  Within a year, Apotheker was fired, major culture clashes became apparent, and HP wrote off $8.8 billion of Autonomy's value.[59]

HP claim this resulted from "accounting improprieties, misrepresentations and disclosure failures" by the previous management, who in turn accused HP of a "textbook example of defensive stalling"[60]: 6  to conceal evidence of its own prior knowledge, gross mismanagement, and undermining of the company, noting public awareness since 2009 of its financial reporting issues[60]: 3  and that even HP's CFO disagreed with the price paid.[59][60]: 3–6  External observers generally stated that only a small part of the write-off appears to be due to accounting mis-statements, and that HP had previously overpaid for businesses.[59][61]

The Serious Fraud Office (SFO) and the SEC joined the FBI in investigating the potential anomalies. HP incurred damage with its stock falling to its lowest in decades.[62][63][64] Three lawsuits were brought by shareholders against HP for the fall in value of HP shares. In August 2014, a United States district court judge threw out a proposed settlement, which Autonomy's previous management had argued would be collusive and intended to divert scrutiny of HP's own responsibility and knowledge. It essentially engaged the plaintiff's attorneys from the existing cases and redirected them against the previous Autonomy vendors and management for a fee of up to $48 million, with plaintiffs agreeing to end any claims against HP's management and similarly redirect those claims against the previous Autonomy vendors and management.[65][66] In January 2015 the SFO closed its investigation as the likelihood of a successful prosecution was low.[67] The dispute continued in the US, and is being investigated by the UK and Ireland Financial Reporting Council. On June 9, 2015, HP agreed to pay $100 million to investors who bought HP shares between August 19, 2011, and November 20, 2012, to settle the lawsuits over the Autonomy purchase.[68]

Another term of the shareholder settlement was to sue Autonomy management, which occurred in London in 2019. HP "failed to produce a smoking gun for the fraud it alleges",[69] and its accountants admitted that they "never formally prepared anything to attribute the irregularities to the amount of the fraud".[69]

Israeli settlements[edit]

On October 25, 2012, Richard Falk, the United Nations Human Rights Council's Special Rapporteur on the situation of human rights in the Palestinian territories occupied since 1967, called to boycott HP and other businesses that profit from Israeli settlements on occupied Palestinian lands until they brought their operations in line with international human rights and humanitarian law.[70][71] In 2014, the Presbyterian Church voted to move forward with divestment from HP to pressure Israeli in regards to their policies toward Palestinians.[72] In 2015, the Human Rights Commission of Portland, Oregon, requested to place Caterpillar, G4S, HP, and Motorola Solutions on the city's "Do Not Buy" list.[73]

Bribery[edit]

On April 9, 2014, an administrative proceeding before the SEC was settled by HP consenting to an order acknowledging that HP had violated the Foreign Corrupt Practices Act (FCPA) when HP subsidiaries in Russia, Poland, and Mexico made improper payments to government officials to obtain or retain lucrative public contracts.[74]

The SEC's order found that HP's subsidiary in Russia paid more than $2 million through agents and various shell companies to a Russian government official to retain a multimillion-dollar contract with the federal prosecutor's office; in Poland, HP's subsidiary provided gifts and cash bribes worth more than $600,000 to a Polish government official to obtain contracts with the national police agency; and to win a software sale to Mexico's state-owned petroleum company, HP's subsidiary in Mexico paid more than $1 million in inflated commissions to a consultant with close ties to company officials, one of whom was funneled money. HP agreed to pay $108 million to settle the SEC charges and a parallel criminal case.[75][76][77]

Xinjiang region[edit]

In 2020, the Australian Strategic Policy Institute accused at least 82 major brands, including HP Inc, of being connected to forced Uyghur labor in Xinjiang.[78]

Carbon footprint[edit]

HP reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 254 Kt (−34 /-11.8% y-o-y)[79] and plans to reduce emissions 60% by 2025 from a 2015 base year.[80] This science-based target is aligned with Paris Agreement to limit global warming to 1.5°C above pre-industrial levels.[81]

See also[edit]

References[edit]

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External links[edit]

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