|Founded||January 1, 1939Hewlett-Packard) (as |
November 1, 2015(as HP Inc.)
|Revenue||US$56.64 billion (2020)|
|US$3.46 billion (2020)|
|US$2.84 billion (2020)|
|Total assets||US$34.68 billion (2020)|
|Total equity||US$−2.23 billion (2020)|
Number of employees
|Subsidiaries||List of subsidiaries|
|Footnotes / references|
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.
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, following Chinese company Lenovo. HP ranked No. 58 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
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.
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.
In February 2021, HP announced its acquisition of Kingston's gaming division HyperX. The deal only includes computer peripherals branded as HyperX, not memory or storage. The sale was completed in June 2021.
On November 5, 2019, The Wall Street Journal reported that print and digital document company Xerox was contemplating acquiring HP. The company unanimously rejected two unsolicited offers, including a cash-and-stock offer at $22 per-share. 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. 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."
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. Xerox raised its bid to $24 per-share in February 2020.
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". On March 5, 2020, HP rejected an offer at $24 per-share.
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."
In 2016, total revenue of US$48.238 billion included US$16.982 billion from the sale of notebook computers, US$9.956 billion from the sale of desktop computers, US$11.875 billion from the sale of printer supplies, US$5.131 billion from the sale of commercial printers, and US$1.254 billion from the sale of consumer printers.
HP is organized into several groups, as outlined below.
Consumer laptops and desktops:
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.
HP Business Solutions are HP's products and services that are oriented towards businesses. These include:
HP reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 254 Kt (-34 /-11.8% y-o-y) and plans to reduce emissions 60% by 2025 from a 2015 base year. This science-based target is aligned with Paris Agreement to limit global warming to 1.5°C above pre-industrial levels.