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Hewlett-Packard Company (NYSE: HPQ), commonly referred to as HP, is an American multinational information technology corporation headquartered in Palo Alto, California, USA that provides products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the government, health and education sectors. The company was founded in a one-car garage in Palo Alto by Bill Hewlett and Dave Packard. Now it is one of the world's largest information technology companies, operating in nearly every country. HP specializes in developing and manufacturing computing, data storage, and networking hardware, designing software and delivering services. Major product lines include personal computing devices, enterprise, and industry standard servers, related storage devices, networking products, software and a diverse range of printers, and other imaging products. HP markets its products to households, small- to medium-sized businesses and enterprises directly as well as via online distribution, consumer-electronics and office-supply retailers, software partners and major technology vendors. HP also has strong services and consulting business around its products and partner products.
HP's posted net revenue in 2010 was $126.3 billion, in 2009 net revenue was $115 billion, with approximately $40 billion coming from services. In 2007, HP's revenue was $104 billion, making HP the first IT company in history to report revenues exceeding $100 billion. In 2008 HP retained its global leadership position in inkjet, laser, large format and multi-function printers market, and its leadership position in the hardware industry. Also HP became No.2 globally in IT services as reported by IDC & Gartner.
Major company changes include a spin-off of part of its business as Agilent Technologies in 1999, its merger with Compaq in 2002, and the acquisition of EDS in 2008, which led to combined revenues of $118.4 billion in 2008 and a Fortune 500 ranking of 9 in 2009. In November 2009, HP announced the acquisition of 3Com; with the deal closing on April 12, 2010.On April 28, 2010, HP announced the buyout of Palm for $1.2 billion.On September 2, 2010, won its bidding war for 3PAR with a $33 a share offer ($2.07 billion) which Dell declined to match.
On August 6, 2010, CEO Mark Hurd resigned. Cathie Lesjak assumed the role of interim CEO, and on September 30, 2010, Léo Apotheker became HP's new permanent CEO and Ray Lane, Managing Partner at Kleiner Perkins Caufield & Byers, was elected to the position of non-executive chairman. Both appointments were effective November 1, 2010.
On September 22, 2011, Hewlett-Packard Co. named former eBay Inc. chief executive Meg Whitman its president and CEO, replacing Léo Apotheker, while Raymond Lane became executive chairman, having previously served as non-executive chairman of the company. Whitman pledged on October 28, 2011 to prevent the spinning-off of the company's personal computer division.