HP’s Fiorina Predicts Slowing Growth Rate

Hewlett-Packard Co. Chief Executive Carly Fiorina said her company is planning for low single-digit growth in information technology spending in 2003, but she predicted that a slowed industry growth rate will become permanent.

“There has been a substantial decline in strategic growth rates,” Fiorina told a meeting of analysts. “This is not a cyclical change -- this is a structural change.”

She said HP’s combination with Compaq Computer Corp. is working, giving the company the scale to offer everything from hand-held computers to mainframes while advising customers on how to manage their infrastructure.

She said HP will target its $4-billion research and development budget on tools for managing technology systems, mobile devices and security.