Рефераты. История развития компьютеров (Silicon Valley, its history the best companies)

amounts have been adjusted to reflect this split.

Net revenue was $13.3 billion, compared with $11.4 billion in last year's

fourth quarter. EPS for the quarter was 41 cents on a diluted basis,(1)

excluding investment and divestiture gains and losses, the effects of stock

appreciation rights and balance sheet translation, and restructuring

expenses. Including these items, diluted EPS on a reported basis was 45

cents per share on approximately 2.05 billion shares of common stock and

equivalents outstanding. This compares with diluted EPS of 36 cents in the

same period last year(2).

"We are pleased that revenue growth is accelerating, but very disappointed

that we missed our EPS growth target this quarter due to the confluence of

a number of issues that we now understand and are urgently addressing. I

accept full responsibility for the shortfall," said Carly Fiorina, HP

chairman, president and chief executive officer.

"Issues that reduced profitability included margin pressures, adverse

currency effects, higher-than-expected expenses, and business mix. The good

news is that our business is healthy, demand is strong, and we are making

good progress against our strategic objectives as we continue the hard work

of reinventing hp. We are determined to succeed and are not backing away

from our growth targets," Fiorina said.

HP also announced it has terminated discussions with PricewaterhouseCoopers

(PwC) regarding the potential acquisition of its consulting business.

Fiorina said, "We are disappointed that we have not been able to reach a

mutually acceptable agreement to acquire PwC's consulting business. This is

a high-quality operation, and we believe the strategic logic underlying

this acquisition is compelling. However, given the current market

environment, we are no longer confident that we can satisfy our value

creation and employee retention objectives -- and I am unwilling to subject

the HP organization to the continuing distraction of pursuing this

acquisition any further. We remain committed to aggressively growing our

consulting capabilities, organically and possibly by acquisition, and are

open to other business arrangements to achieve our goals."

Business Summary

Net revenue in the United States was $6.0 billion, an increase of 13% from

the year-ago quarter. Revenue from outside the U.S. rose 20% (26% in local

currency) to $7.3 billion. In Europe, revenue was $4.5 billion, an increase

of 15% (27% in local currency). In Asia Pacific, revenue was $1.9 billion,

an increase of 36% (34% in local currency). In Latin America, revenue

increased 11% to $0.6 billion.

Imaging and Printing Systems

The imaging and printing systems segment -- laser and inkjet printing, and

imaging devices and associated supplies -- grew 6% in revenue year over

year (9% in local currency) against a very strong quarter last year.

Internet printing and a migration to color are driving strategy and growth.

Strong sales of supplies, scanners, all-in-one (AiO) products, and consumer

imaging devices, as well as overall strength in Europe and Asia, partially

offset softness in the U.S. business printing market and continuing price

erosion in inkjet printers.

Nearly 12 million printing and scanning devices were shipped during the

quarter. HP's color LaserJet market share continues to grow and new

products began shipping in October. Imaging revenues grew 31% over the year-

ago period, driven by strong performances in all product lines: AiOs up

31%, scanners up 12% and digital cameras and printers up 137%. AiO units

were up 53% and PhotoSmart printer units were up 208%. Supplies revenues

grew 15% against a strong quarter last year.

Operating margin was 13.4%, up from 13.2% last year.

Computing Systems

The computing systems segment -- a broad range of Internet infrastructure

systems and solutions for businesses and consumers, including workstations,

desktops, notebooks, mobile devices, UNIX(R) and PC servers, storage and

software solutions -- grew 29% in revenue year over year (32% in local

currency) with strong performances across all product categories.

UNIX server revenues rose 23% year over year, with orders up 43%, driven by

excellent performance in low- and mid-range servers. Superdome, HP's new

high-end server introduced this quarter, is achieving stronger-than-

expected market acceptance, and volume shipments remain on schedule for

January. NetServer revenues were up 20%. Enterprise storage revenues were

up 40% with the HP Surestore E Disk Array XP512, HP's flagship enterprise

storage product, up 90% in revenues with strong backlog. Software revenues

(excluding VeriFone) were up 18%, but down sequentially with strong order

backlog at the end of the quarter. OpenView revenues were up 29% with

orders up 60%. PC revenues were up 40%, with home PC revenues up 62%,

notebooks up 164%, workstations up 11%, and commercial desktops up 8%.

Operating margin was 3.7%, up from 3.2% last year, but down sequentially

from 7.3% in the third quarter primarily due to margin pressures, higher

expenses and mix changes.

IT Services

The IT services segment -- hardware and software services, along with

mission-critical, outsourcing, consulting and customer financing services --

grew 15% in revenue year over year (18% in local currency). HP's

consulting business achieved in 46% revenue growth, with substantial new

hires broadening and deepening the organization's capabilities.

Operating margin was 7.4%, essentially flat with 7.5% last year.

Costs and Expenses

Cost of goods sold this quarter was 72.5% of net revenue, up from 71.3% in

the year-ago period. Expenses grew 15%. After adjusting for currency,

expense growth was 17%. Operating expenses, as reported, were 20.3% of net

revenue. This compares with 20.7% in the comparable period last year.

Asset Management

Return on assets for the quarter was 10.5% compared with 9.8% in the

comparable quarter last year. Inventory was 11.7% of revenue compared with

11.5% in last year's fourth fiscal quarter. Trade receivables were 13.1% of

revenue compared with 14.1% in the prior year period. Net property, plant

and equipment was 9.2% of revenue compared with 10.2% in the year-ago


Full-year Review

Net revenue increased 15% to $48.8 billion. Net revenue in the United

States rose 14% to $21.6 billion, while revenue from outside the United

States increased 16% to $27.2 billion.

Net earnings from continuing operations were $3.6 billion, an increase of

15%, compared with $3.1 billion in fiscal 1999. Net earnings per share were

$1.73 on a diluted basis, up 16% from $1.49 last year.

Outlook for FY 2001

For the 2001 fiscal year ending Oct. 31, 2001, HP expects to achieve

revenue growth in the range of 15 to 17%, compared to 15% in FY 2000. Gross

margin percentage in FY 2001 is expected to be in the range of 27.5 to

28.5%, compared to 28.5% in FY 2000, with improvements beginning in the 2nd

quarter. Total operating expenses in FY 2001 are expected to be

approximately 10 to 12% above FY 2000. Tax rate is expected to remain

constant at approximately 23%.

The forward-looking statements in this Outlook are based on current

expectations and are subject to risks, uncertainties and assumptions

described under the sub-heading "Forward-Looking Statements." Actual

results may differ materially from the expectations expressed above. These

statements do not include the potential impact of any mergers, acquisitions

or other business combinations that may be completed after Oct. 31, 2000.

HP will be discussing its fourth quarter results and its 2001 outlook on a

conference call today, beginning at 6 a.m. (PST). A live Webcast of the

conference call will be available at

http://www.hp.com/hpinfo/investor/quarters/2000/q4webcast.html. A replay of

the Webcast will be available at the same Web site shortly after the call

and will remain available through 4:30 p.m. PST on Nov. 22, 2000.

The rise of Silicon Valley

Hewlett-Packard was Silicon Valley's first large firm and due to its

success one of the area's most admired electronics firms.

While HP was important for the initial growth of the area and at first was

based on electronic devices, the actual Silicon Valley fever was launched

in the mid-1950s with Shockley and Fairchild, and other semiconductor

firms, and went on to the microelectronics revolution and the development

of the first PCs in the mid-1970s, continuing till today.

Invention of the transistor

One major event was crucial for this whole development. It was the

invention of the transistor that revolutionized the world of electronics.

By the 1940s, the switching units in computers were mechanical relays,

which were then replaced by vacuum tubes. But these vacuum tubes soon

turned out to have some critical disadvantages, which impeded the further

progress in computing technology. In contrast, transistors were much

better. They could perform everything the vacuum tubes did, but "required

much less current, did not generate as much heat, and were much smaller")

than vacuum tubes.

The use of vacuum tubes, which could not be made as small as transistors,

had meant that the computers were very large and drew a lot of power. For

example the famous American ENIAC, built in 1946 and consisting of more

than 18,000 vacuum tubes, had a total weight of 30 tons, filled a whole

room of 500 square meters and consumed 150 KW per hour. The breathtaking

development in computers can be seen, when comparing the ENIAC with today's

laptops which are portable with about 5 kg, are battery driven and run some

100,000 times faster.)

This development was launched by the transistor (short for "transfer

resistance") invention in 1947 by William Shockley and his colleagues John

Bardeen and Walter Brattain. This "major invention of the century") was

made at the Bell Labs in Murray Hill, New Jersey, which are the "R&D arm of

the American Telephone and Telegraph Company (AT&T).") And in 1956, the

three scientists received the Nobel Prize in Physics for their invention

that had "more significance than the mere obsolescence of another bit of


The transistor is a "switch - or, more precisely, an electronic "gate,"

opening and closing to allow the passage of current.") Transistors are

solid-state and are based on semiconductors such as silicon. The crystals

of these elements show properties, which are between those of conductors

and insulators, so they are called semiconductors. The peculiarity of

semiconductor crystals is that they can be made "to act as a conductor for

electrical current passing through it in one direction") only, by adding

impurities or "doping" them - for instance, "adding small amounts of boron

of phosphorus.")

Shockley Semiconductor

In 1955, William Shockley, co-inventor of the transistor, decided to start

his own company, Shockley Semiconductor, to build transistors, after

leaving the Bell Labs. The new firm was seated in Palo Alto in Santa Clara

County, California, where he had grown up. Shockley man aged to hire eight

of the best scientists from the East Coast, who were attracted by his

scientific reputation. These talented young men - "the cream of electronics

research" - represented the "greatest collection of electronics genius ever

assembled". Their names were: Julius Blank, Victor Grinich, Eugene Kleiner,

Jean Hoerni, Jay Last, Gordon Moore, Robert Noyce and Sheldon Roberts.)

But however brilliant Shockley was, who was called a "marvelous intuitive

problem solver" and a "tremendous generator of ideas" by Robert Noyce, it

soon turned out that he was "hard as hell to work with", as his style was

"oppressive" and he "didn't have trust and faith in other individuals.")

When Shockley refused the suggestions of his eight engineers who wanted to

concentrate on silicon transistors, while their boss pursued research on

four-layer diodes, they decided to quit and start their own firm in 1957.

Within several months Shockley had to shut down his firm, since he had lost

his engineers, whom he called traitors and they are now known as "the

Traitorous Eight".

Although Shockley was not very successful with his firm in Palo Alto, he

"deserves credit for starting the entrepreneurial chain-reaction that

launched the semiconductor industry in Silicon Valley,") since he had

brought together excellent scientists there like Robert Noyce without whom

there might never have been a Silicon Valley on the San Francisco Peninsula

at all. Or as M. Malone calls it, "Shockley put the last stone in place in

the construction of Silicon Valley.")

The father of one of those young men who left Shockley had contacts to a

New York investment firm, which sent a young executive named Arthur Rock to

secure financing for their new enterprise. Rock asked a lot of companies,

if they were interested in backing this project, but has not been

successful so far. The concept of investing money in new technology

ventures was largely unknown then, and indeed the term "venture capital"

itself wouldn't be coined until 1965") - by Arthur Rock, who should become

Silicon Valley's first and most famous venture capitalist later on.

Finally, due to Rock's efforts, the "Traitorous Eight" managed to obtain

financial support from industrialist Sherman Fairchild to start Fairchild

Semiconductor in 1957.

Fairchild Semiconductor was developed by Shockley's firm, and as the "still

existing granddaddy of them all") has itself spawned scores of other

companies in Silicon Valley: Most semiconductor firms' roots can be traced

back to Fairchild. The most famous ones of them are National Semiconductor,

Intel, Advanced Micro Devices (AMD); and many well-known Valley leaders

have worked at Fairchild, e.g. Charlie Sporck (National Semiconductor),

Jerry Sanders (AMD's founder), Jean Hoerni, and last but not least Robert

Noyce, who is considered the "Mayor of Silicon Valley") due to his

overwhelming success.

Robert Noyce was born in southwestern Iowa in 1927. His father was a

preacher in the Congregational Church and thus was "perpetually on the move

to new congregations, his family in tow.") When the Noyces decided to stay

at the college town of Grinnell, Iowa, for a longer period of time after

many years of moving, this place meant stability in young Bob's life and

thus would become his first and only real home, which he would later regard

as important for his eventual success.

After high school, Robert studied at Grinnell College. His physics

professor had been in contact with John Bardeen (one of the three inventors

of the transistor) and obtained two of the first transistors in 1948, which

he presented his students, including Bob Noyce. This aroused young Robert's

interest in semiconductors and transistors, which made him try to learn

everything he could get about this fascinating field of solid-state


Having graduated from Grinnell College he continued his studies at "the

premier school of science on the East Coast, MIT,") where he met famous

scientists like Shockley. He received his doctorate, and decided to work at

Philco until 1955, when he was invited by William Shockley to join a new

firm named "Shockley Semiconductor" in Santa Clara County - together with

seven other splendid scientists.

When the so-called "Shockley Eight" started a new venture with Fairchild

Semiconductor, Robert Noyce began "his own transformation from engineer to

business manager:") He was chosen to lead the new company as he seemed the

best to do this job.

Fairchild Semiconductor focused on building a marketable silicon transistor

applying a new manufacturing process called "mesa". Despite being the

smallest company in electronics business then, it attracted public

attention, particularly in 1958, when "Big Blue" - as dominant IBM is

nicknamed - ordered the "first-ever mesa silicon transistors") for memory

drivers in its computers.

This order contributed to the early success of Fairchild Semiconductor, and

indicated the beginning of a long relationship between IBM and Silicon


Importance of military funding

Before switching over to the events at Intel, the aspect of military

funding is to be dealt with, since it has played an important role in the

early days of Silicon Valley.

During World War II, after the Japanese attack at Pearl Harbor in 1942, a

great deal of the U.S. military forces and of the military production was

moved to California. Within a few years, California - formerly an

agricultural state - became a booming industrial state and the military

center of the USA.)

After the war, in the time of the Cold War and the arms race, the Korean

conflict, the "missile gap" and the space program, the Pentagon kept

ordering high-technology products from the armament factories in

California. Many companies established R&D departments and production

facilities in Santa Clara County near Stanford University, which provided

them with bright engineers and scientists, and were largely supported by

the Pentagon's demand for electronic high-tech products.

Examples for such firms are FMC, GTE, Varian Associates, Westinghouse, and

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