But HP has relied too much on acquisitions, Whitman said. In the future it will make "selective acquisitions, at a much lower level" than in the past.
She implied the company will make at least a few layoffs as part of its ongoing reorganization -- something many already suspected after HP announced earlier today that it will combine its printer and PC divisions.
HP added a lot of sales executives and hasn't gotten the returns it was looking for, she said, "so we're going to reorganize ... and make sure we get our costs back in line with our revenues."
That's important because HP needs to find money that it can invest in research and development, spark some innovation again and get back on track, she said, reiterating her message of the past few weeks.
"In a few years, when we say 'HP' to a CIO at a big company, I want them to say back to us, 'They're the very best in converged infrastructure," she said.
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