By Agency Reporter

Monday, 29 Nov 2010

SAN FRANCISCO: Apple Incorporated is expanding the size of its Cupertino, California, home base, acquiring nearby facilities from computer pioneer and competitor Hewlett Packard Company, Reuters reported on Saturday.

The offices will give the maker of the iPhone more room for its employees as the company continues to grow, said Apple‘s spokesman, Mr. Steve Dowling.

”We now occupy 57 buildings in Cupertino and our campus is bursting at the seams,” he said.

Apple‘s real estate transaction was first reported by The San Jose Mercury News earlier this week, which said the deal would give Apple an additional 98 acres of land, roughly doubling the size of the company‘s home base in Cupertino.

Apple, which had 46,600 full-time employees worldwide at the end of September, did not disclose the price it paid for the HP real estate.

Meanwhile HP raised fiscal 2011 results forecasts and a solid debut by new Chief Executive Officer, Mr. Leo Apotheker calmed investors nervous about his vision, sending the technology company‘s shares up three per cent.

Strong commercial computer, server and storage sales spurred better-than-expected quarterly results for HP, easing fears that the No. 1 technology company by sales was distracted by internal turmoil. Former chief, Mr. Mark Hurd departed in August after accusations of sexual harassment.

HP, the world‘s No. 1 PC maker, shrugged off the government spending cuts that have plagued Cisco Systems Incorporated.

Apotheker, who took over November 1, reassured Wall Street by sounding a predictably confident note on HP‘s prospects.

”He was solid. He did exactly what he needed to do,” said Gleacher & Co analyst, MNr. Brian Marshall. ”Coupled with the strong financial performance, it made for a good quarter.”

 

Source: Punch