HP to Invent branding

Hewlett Packard managed to meet its reduced market expectations for its fourth quarter, although chief executive Carly Fiorina admitted there was still a lot of work to do.

Hewlett Packard managed to meet its reduced market expectations for its fourth quarter, although chief executive Carly Fiorina admitted there was still a lot of work to do.

HP's pre-tax profit crept up seven per cent to $760m (£475m) for the fourth quarter ended 31 October 1999. Sales increased 10 per cent to $11.4bn.

Fiorina said: "We executed solidly despite this quarter's challenges. We have an aggressive agenda for change and are making good progress." But she admitted: "We do not expect an overnight fix."

HP will continue to push its direct sales. Robert Wayman, chief financial officer, said: "We have a number of programmes to drive more of our business to the direct space."

Fiorina also announced a $200m global brand marketing campaign, HP Invent.

"Our collection of sub-brands can't provide the wallop required to position ourselves clearly in the marketplace," she said.