Slow-motion financial suicide
It is actually painful to watch. I spent 16 years of my life in that company and experienced the managerial incompetence and confusion inside HP since the Compaq acquisition in 2001 - all the way until 2 years ago. Then I watched another big management show they pulled off in Atlanta, and I realised that I no longer had any faith in or hope for its future.
This company's skill in turning growth into contraction is astonishing. I believe it must be unprecedented in the IT industry - if not in global business. Everything it has acquired, it has effectively killed. Every creative force (HP Labs, product divisions, etc.) in its organisation has fallen victim to the corporate managerial antibodies with its politically correct enforcement of bad policies and decisions.
I think every person having or having had any senior managerial responsibility in HP should be ashamed of themselves.