Photo: Flickr/Erik Charlton
From our favourite tweet department comes this gem from @nolastan: “HP abandons webOS and invests in a printing press? They’re like the Benjamin Button of tech companies!”Nolastan, aka, Stanford Rosenthal, is referring to an article in today’s Wall Street Journal.
It notes that since 2008, HP has spent more than $1 billion on research on giant digital printing presses, called Web presses. Next month, HP will release new models, and it is banking that these puppies, which cost $1 million to $2 million each, will sell like hotcakes.
But printing seems to be going the way of the cassette tape.
HP’s print division hasn’t been growing in years and that’s scary because it contributes more than half of the company’s $7.1 billion in annual profits.
As people increasingly rely on digital documents, sales in HP’s print division were flat last year at $25.8 billion, with operating profits down 10% to $4 billion.
But hey, if it worked for Benji, maybe it will work for HP.