Hewlett-Packard Company (NYSE:HPQ)’s Chief Executive Officer, Meg Whitman,talked on CNBC with Jim Cramer and his team about HPQ’s interest in 3D printing and why theirs is going to be a bit different from what other players may be pursuing. Whitman has been trying to correct the company’s performance with cost-cuttings and restructuring being high on her agenda. Looking at the latest quarterly results, it looks as though her efforts are paying off, because of the performance improvement.
The company announced a net income of $985 million or $0.52 a share on revenue of $27.6 billion, up from $27.2 billion posted for the same quarter a year ago. Analysts on average expected Hewlett-Packard Company (NYSE:HPQ) to post revenue of $27 billion for the quarter.
The 3D printing technology is an emerging business segment that many are closely watching, and Hewlett-Packard Company (NYSE:HPQ) is one of the tech giants that many people have been waiting to hear from about their 3D printing technology plans.
“[…] It has got real earnings, it is also manufacturing. It will cost you $7 billion to get. I just think that would be the growth story that would say to people, “Hewlett-Packard was not playing deeper, it is not growing at 1%. We are not going to go mix it with digital; we are going to move into manufacturing, printing” […],” Cramer stated while trying to give a picture of what 3D printing would look like for Hewlett-Packard Company (NYSE:HPQ).
Whitman said that they are going hard on 3D printing. However, their approach is going to be different. She said they would focus their attention on the enterprise side of 3D printing rather than the consumer side.
“We are doing it all organically because it has a lot of shared technology with our clear toner business. So, we’ll do it organically. As I said, this fall we will announce the technology and you will see that begin to kick in for HP […],” said Whitman.
Citadel Investment Group, managed by Ken Griffin, upped its stake by 74% in the second quarter of 2014 to 3.18 million shares of Hewlett-Packard Company (NYSE:HPQ).