惠普公司HP Inc. (HPQ) 2005年年度报告「NYSE」.pdf

1、2005Annual ReportDear Fellow Stockholders,HP underwent significant change in its fiscal year 2005.We appointed a number of new senior executives.We streamlined our operating structure.We began taking steps to reduce our workforce.We made severalacquisitions.And we introduced many new products and se

2、rvices.It is a tribute to HPs people that,even amid this activity,our business performed increasingly well.Weachieved solid revenue growth,good cost control and improved margins in key areas.As a result,we sawhealthy stock price appreciation and were able to pay our employees their first significant

3、 bonus in several years.To provide context for some of the decisions we made in the past year,let me share some observations frommy first 60 days as CEO.In a relatively short time,many different groups came forward and offered theirinput:investors,customers,partners,employees,financial and industry

4、analysts.It was a mixed picture.In recent years,investors in HP have been confronted with inconsistent results.As a consequence,our stock performance has been volatile and occasionally disappointing.Our portfolio of businesses has yet to prove itsfull value not due to issues with the strategy,but ra

5、ther due to the execution of the strategy.Customers and partners told us they like HP and want to see us win.They told us the company has great technology and talented people,but we were difficult to do business with and too complex.From an employee perspective,morale was mixed.Although the company

6、had been through a turbulent period,it was encouraging to find many of our people have a strong desire to improve perceptions of the companyand to fight and win in the marketplace.Operationally,HP was a highly matrixed organization.We had a front-end sales group that shared decisionswith the product