As much as any damage caused by Léo Apotheker’s inability to successfully communicate or execute his decisions during his 11-month tenure atop Hewlett-Packard, new chief executive Meg Whitman is concerned about what has happened to H.P.’s competitive environment.
“The pace of change has accelerated� around H.P., Ms. Whitman said in an interview Thursday evening. “We have to anticipate, and anticipate and anticipate the trends.� These include the shift from PCs to tablets like the Apple iPad and the rise of low-cost corporate computing through Internet-based rentals of computing power like Amazon Web Services, she said.
“We have to look at our whole go-to-market approach,� she said, referring to the way products are marketed. Whatever she chooses to do, she indicated it will be led by hardware sales and not Mr. Apotheker’s software-led philosophy.
During a call with Wall Street analysts, Ms. Whitman talked about the need for H.P. to temporarily slow its investments and share repurchases, to rebuild the company’s damaged balance sheet.
She may need the money for more than that however. In a later conversation with The New York Times, the newly reminted chief executive identified weaknesses in the sales of its usually lucrative printer cartridges. “Printing is a 50 percent consumer business,� she said. “The consumer is pulling back, mostly in Europe, but to be honest here too.�
While economic weakness in the United States isn’t news, H.P. identified weakness in Europe in the analysts’ call. While this will affect revenue in the quarter, according to the company’s chief financial officer, the company expects to deliver its projected earnings per share this quarter. The outlook from there is uncertain, indicating H.P. will deliver the earnings through cuts, more than a revival of demand elsewhere.
Where will those come from? “I’ve got 43 days until the end of the quarter,� she said. “I’ve got to do some homework.�
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