Annual Report 2008 CEO Letter
Annual Report 2008 CEO letter Dear Fellow Stockholders, Fiscal 2008 was a strong year with some notable HP gained share in key segments, while continuing accomplishments. We have prepared HP to perform to show discipline in our pricing and promotions. well and are building a company that can deliver Software, services, notebooks, blades and storage meaningful value to our customers and stockholders each posted doubledigit revenue growth, for the long term. Looking ahead, it is important to highlighting both our marketleading technology and separate 2008 from 2009, and acknowledge the improved execution. Technology Services showed difficult economic landscape. While we have made particular strength with doubledigit growth in much progress, there is still much work to do. revenue for the year and improved profitability. 2008—Solid Progress and Performance in a Tough The EDS Acquisition—Disciplined Execution of a Environment Multiyear Strategy With the acquisition of Electronic Data Systems In August, HP completed its acquisition of EDS, a Corporation (EDS), we continued implementing a global technology services, outsourcing and multiyear strategy to create the world’s leading consulting leader, for a purchase price of $13 technology company. Additionally, we made solid billion. The EDS integration is at or ahead of the progress on a number of core initiatives, including operational plans we announced in September, and the substantial completion of phase one of HP’s customer response to the acquisition remains very information technology transformation. positive. Fiscal 2008 was also a difficult year, during which The addition of EDS further expands HP’s economic conditions deteriorated.
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