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CNBC Exclusive: CNBC Transcript: CNBC's David Faber Speaks with Hewlett-Packard CEO Meg Whitman Today

WHEN: TODAY, FRIDAY, MAY 23

WHERE: CNBC'S "SQUAWK ON THE STREET"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Hewlett-Packard CEO Meg Whitman today on CNBC's "Squawk on the Street." All references must be sourced to CNBC.

FABER: LET'S GET TO IT. MEG WHITMAN HAS BEEN LISTENING IN STANDING BY. THERE SHE IS AT HEWLETT-PACKARD'S HEADQUARTERS IN PALO ALTO, CALIFORNIA. AS ALWAYS, VERY MUCH APPRECIATE YOUR BEING WITH US THIS MORNING.

WHITMAN: GOOD MORNING. HAPPY TO BE HERE.

FABER: IT WAS YEAR AGO DURING ONE OF OUR INTERVIEWS, A YEAR AGO TO THE DAY WHERE WE WERE TALKING ABOUT THIS TURNAROUND, YOU AND I YET AGAIN, AND YOU SAID WHEN I ASKED ABOUT THIS YEAR, WE DO BELIEVE GROWTH IS POSSIBLE IN 2014, PROBABLY NOT IN EVERY BUSINESS, BUT WE HOPE OVERALL WE'LL SEE GROWTH IN 2014. AFTER YESTERDAY'S REPORT, MEG, IS THAT HOPE REALISTIC?

WHITMAN: SO, AT OUR SECURITY ANALYST MEETING IN OCTOBER OF LAST YEAR, I SAID IT WAS UNLIKELY THAT HP WAS GOING TO GROW IN 2014, THAT THERE WOULD BE POCKETS OF GROWTH AND THERE WERE THIS QUARTER LIKE PCs AND NETWORKING AND SECURITY, VERITICA, SOME OF OUR SECURITY ENTERPRISE SERVICES, BUT I WOULD SAY THE GOOD NEWS IS THAT THE RATE OF DECLINE HAS SLOWED DRAMATICALLY. THIS WAS REALLY THE THIRD QUARTER OF FLAT REVENUE WHICH YOU MIGHT SAY WELL GEE, THAT'S NOT ALL THAT EXCITING. IT'S WAY BETTER THAN WHERE WE WERE A YEAR AND A HALF AGO WHERE WE HA HAD A FEW QUARTERS WHERE WE WERE DOWN 7%, DOWN 6, DOWN 9. SO MY VIEW IS THE TURNAROUND IS ABOUT RIGHT ON TRACK.

FABER: RIGHT ON TRACK MEANING AS YOU SAY, POCKETS OF GROWTH THIS YEAR AND THEN REAL GROWTH IN 2015?

WHITMAN: WELL, WE CERTAINLY HOPE SO. WE HAVE NOT GIVEN REVENUE GUIDANCE FOR 2015, BUT REMEMBER, WE'RE MANAGING A PORTFOLIO OF BUSINESSES. WE'VE GOT SOME BUSINESSES DECLINING, SOME BUSINESSES ARE HOLDING THEIR OWN AND SOME THAT ARE GROWING QUITE RAPIDLY. IF WE CAN CONTINUE TO GROW THE FAST-GROWING BUSINESSES AND STEM THE DECLINE IN THE BIG LEGACY BUSINESSES, THEN MAYBE IT WILL TURN OUT THE WAY WE HOPE. WE HAVEN'T GIVEN REVENUE GUIDANCE FOR 2015.

FABER: UNDERSTOOD. THERE WERE A LOT OF QUESTIONS ON THE CONFERENCE CALL YESTERDAY, MEG, ABOUT THE INCREASE IN WORK FORCE REDUCTION. A LOT WENT TO THIS QUESTION OF GROWTH IN 2015. FOR EXAMPLE, TONY SAKANAGI, A NUMBER OF QUESTIONS LIKE THIS, SAYING ARE YOU CUTTING THESE JOBS AND, OBVIOUSLY, THE INCREMENTAL SAVINGS YOU'LL GET AS A RESULT, IS IT A SIGN YOU'RE NOT AS CONFIDENT YOU CAN GROW EARNINGS PER SHARE IN 2015 WITHOUT WORK FORCE REBALANCING? I KNOW YOU ANSWERED THE QUESTION, BUT I WANT TO ASK IT AGAIN BECAUSE THERE IS THAT KEY ABOUT 2015 AND WHAT THESE JOB CUTS REALLY MEAN FOR YOU?

WHITMAN: YEAH. SO NO, I REMAIN CONFIDENT IN THE FUTURE OF HEWLETT-PACKARD. BUT AS THE LONGER THAT I HAVE BEEN HERE, WE SEE OPPORTUNITIES TO GET MORE EFFICIENT AND MORE EFFECTIVE. THIS WAS COMPANY THAT WAS A PRODUCT OF MANY ACQUISITIONS, GO ALL THE WAY BACK, COMPACT, EDS, NEARLY 17 SOFTWARE ACQUISITIONS. AND THESE ACQUISITIONS NEVER GOT INTEGRATED QUITE THE WAY THEY SHOULD HAVE AND THERE ARE STILL BIG POCKETS OF INEFFICIENCY. WHAT IT WILL HELP US DO, DAVID, IT WILL HELP US SERVE OUR CUSTOMERS BETTER. OUR CUSTOMERS STILL TELL US WE'RE A LITTLE DIFFICULT TO DO BUSINESS WITH, WE DON'T MAKE DECISIONS AS QUICKLY AS WE SHOULD, WE NEED SPEED, AGILITY, NEED TO BE NIMBLE IN WHAT IS AN ENORMOUSLY RAPIDLY CHANGING MARKETPLACE. WHILE NO ONE LIKES TO REDUCE THE WORK FORCE, THIS WILL BE GOOD FOR OUR CUSTOMERS AND GOOD FOR HEWLETT-PACKARD. IT WILL MAKE US A STRONGER COMPANY. AND OBVIOUSLY, YOU KNOW, WE WILL BE ABLE TO CREATE CAPACITY TO INVEST IN THE GROWTH ENGINES OF THIS COMPANY WHETHER CLOUD OR SECURITY OR BIG DATA OR MOBILITY OR OUR NEXT GENERATION OF SERVERS OR NEXT GENERATION OF NETWORKING. WE HAVE A LOT OF OPPORTUNITIES TO MAKE INCREMENTAL INVESTMENTS IN R&D. AND BY THE WAY YOU'VE SEEN R&D INCREASE SIGNIFICANTLY THIS QUARTER. WE'RE GOING TO BE POURING MONEY INTO R&D.

FABER: RIGHT. YOU KNOW, MEG, ANOTHER BIG PICTURE QUESTION SOME OF THE CRITICS WOULD OFFER YES, YOURE GETTING SMALLER, SOME WOULD SAY SHRINKING TO GROW BUT STILL AN ENORMOUS WORK FORCE, STILL AN ENORMOUS COMPANY, AND THERE'S A BELIEF SOMEHOW YOU CAN'T INNOVATE AS QUICKLY AS MANY OF YOUR SMALLER COMPETITORS. HOW DO YOU DISPUTE THOSE WHO SIMPLY BELIEVE NO MATTER HOW SMALL YOU MAKE THE COMPANY YOU'RE STILL ALWAYS GOING TO BE TOO BIG?

WHITMAN: WE'RE A BIG COMPANY AND COMPETE AGAINST OTHER VERY BIG COMPANIES AND COMPETE AGAINST LITTLE START-UPS AND WHAT BIG COMPANIES HAVE TO DO IS WE HAVE TO MAKE SCALE WORK FOR -- TO OUR ADVANTAGE. WE HAVE TO MAKE GO TO MARKET WORK TO OUR ADVANTAGE, SUPPLY CHAIN AND MAKE SURE WHERE WE ARE FOCUSED WE ARE INNOVATING. AND I WOULD ARGUE ACTUALLY THAT OUR PRINTING BUSINESS IS ONE OF THOSE AREAS WHERE WE ARE EXCELLENT INNOVATORS AND WE'RE NOW TRANSFERRING THAT TO OUR SERVER, STORAGE, OUR NETWORKING, CONVERGED INFRASTRUCTURE BUSINESS, OUR SASS BUSINESS. SO WE'VE GOT TO INNOVATE BUT WE'VE GOT TO USE SCALE TO OUR ADVANTAGE OTHERWISE BIG COMPANIES WILL ALWAYS FALL TO SMALL COMPANIES AND LISTEN I THINK THERE'S A REAL ROLE FOR OUR CUSTOMER RELATIONSHIPS, SERVICE CAPABILITY ALL THE THINGS WE DO WELL AS AN ORGANIZATION.

FABER: RIGHT. YOU MENTIONED PRINTERS AND THIS QUARTER THERE WAS SOME CONCERN, PARTICULARLY IN TERMS OF TONER SALES, OVERALL INK REVENUES WERE DOWN 4%, MARGINS WERE UP, IT WAS PROFITABLE, AND GREW IN TERMS OF PROFITS, BUT TO THIS POINT ON INNOVATION, EXPLAIN TO ME HOW IT IS THAT THE TONER SALES, FOR EXAMPLE, ARE NOT DOING AS WELL AS SOME THOUGHT, SUPPLY SALES PERHAPS NOT QUITE UP TO SPEED, AND YET YOU'RE TALKING ABOUT THIS UNIT ACTUALLY ACCELERATING.

WHITMAN: YEAH. SO REMEMBER, IT IS A RAZOR AND RAZOR BLADES BUSINESS AND SO YOU RECALL WHEN WE FIRST MET, HP HAD BEEN OUT OF THE LASER JET MARKET THE MULTIFUNCTION PRINTERS. REMEMBER WE HAD BEEN OUT ALMOST SEVEN YEARS. WE INTRODUCED THE END OF LAST YEAR AND THIS YEAR A LINEUP OF MULTIFUNCTION PRINTERS. THOSE ARE TAKING WHOLE THAT WILL IMPROVE THE INSTALL BASE AND WE EXPECT THAT TONER WILL REBOUND PROBABLY NOT FOR THE END OF 2014 BUT '15/ '16 I THINK YOU WILL SEE TONER WILL DO BETTER THAN IT HAS FOR SURE.

CRAMER: JIM CRAMER HERE. GOOD TO SEE YOU AS ALWAYS.

WHITMAN: HEY.

CRAMER: LET'S STICK WITH PRINTERS FOR A SECOND. YOU HAVE A TERRIFIC 3D PRINTER OPERATION IN ISRAEL. A LOT OF STARTUPS YOU MENTIONED COMING IN TAKING DIFFERENT AREAS. WHY DON'T YOU CRUSH THEM? CRUSH EVERYBODY IN THAT BUSINESS?

WHITMAN: WELL, WE'RE FOCUSED ON BUSINESS 3D PRINTING, NOT CONSUMER 3D PRINTING. WE'LL ANNOUNCE A 3D PRINTING TECHNOLOGY AT THE END OF THIS YEAR AND WE THINK THERE'S A REAL OPPORTUNITY HERE. THIS IS AN ACORN THAT WE'RE PLANTING THAT WILL BECOME AN OAK TREE IN THE FUTURE. THIS IS A BUSINESS WE NEED TO BE IN. IT'S VERY CONSISTENT WITH OUR HERITAGE. BUT WE'RE DOING THAT IN A LOT OF BUSINESSES. YOU KNOW, INNOVATION, YOU HAVE TO PLANT THOSE ACORNS BEFORE THEY BECOME OAK TREES AND YOU HAVE TO HAVE PATIENCE IN TERMS OF DEVELOPMENT CYCLES. YOU HAVE TO CONTINUOUSLY AND CONSISTENTLY INVEST IN R&D.

CRAMER: OKAY. MEG, YOU MENTIONED AGAIN THIS START-UPS. THERE WAS A MOMENT WHEN YOU ANSWERED TONY'S QUESTION, YOU SAID LOOK, COME ON, WE HAVE FIVE MAJOR BUSINESS UNITS, 150,000 STORES. 166 COUNTRIES. I STILL DON'T HEAR ANYBODY TALKING ABOUT HOW IF YOU CAN MAYBE FINE TUNE THAT, MAYBE GET OUT OF BUSINESS, AND BE IN MOBILE, SOCIAL, CLOUD, CONNECTIVITY, I KNOW THAT THOSE ARE A MORPHIS ISSUES BUT WHEN YOU DEALT WITH SALESFORCE.COM AT DREAM FORCE LAST YEAR I THOUGHT THE EMPHASIS WOULD BE ON AT LEAST ONE OF THOSE. I DID NOT GET MOBILE, SOCIAL, CLOUD, CONNECTIVITY WHEN I WENT THROUGH YOUR PRESENTATION YESTERDAY.

WHITMAN: I STARTED OUT MY PRESENTATION TALKING ABOUT THE INNOVATION THAT WE BROUGHT TO THE MARKETPLACE AND LED WITH HELIAN WHICH IS OUR CLOUD OFFERING THAT IS VERY DISTINCTIVE IN THE MARKET, ENABLES TO RUN WORK LOADS IN PUBLIC CLOUS, PRIVATE CLOUD, VIRTUAL PRIVATE CLOUS WITH REALLY ONE CLICK WORK LOAD PORTABILITY ACROSS THOSE DIFFERENT ENVIROMENTS ALL BUILT ON OPEN STAFF AND THIS IS A VERY DIFFERENTIATED OFFERING. IT IS EXACTLY WHAT ENTERPRISES NEED. WE'RE SOLVING A REAL PAIN FOR THEM AND THE RESPONSE HAS BEEN TERRIFIC. NFV, ANOTHER INNOVATION WE TALKED ABOUT, OPEN NFV THE TELECOMMUNICATIONS INDUSTRY ABOUT TO GO THROUGH ONE OF THE BIGGEST SHIFTS THEY'VE EVER GONE THROUGH AND WE'RE WELL POSITIONED IN NFV. SO I ACTUALLY LED OFF YESTERDAY WITH THE INNOVATIONS IN THE ENTERPRISE THAT I THINK WILL DISTINGUISH HP.

FABER: ENTERPRISE SERVICES REVENUE WAS DOWN 7%, MEG, OVER THE PRIOR YEAR. YOU CITE DELAYED KEY ACCOUNT REVENUE, RUNOFF FROM FISCAL YEAR 13 ALSO CONTINUED. OPERATING PROFIT MARGIN FLAT. NOT A LOT OF FOCUS ON THE CONFERENCE CALL BUT I WOULD LIKE TO ASK ABOUT IT, AN IMPORTANT PART OF THIS COMPANY TO BE CERTAIN IT IS NOT GROWING, BUT YOU SEEM TO BE POSITIVE THAT IT CAN. WHY IS THAT?

WHITMAN: WELL, WE HAD AN UNUSUAL EVENT LAST YEAR AND A BIT OF THE YEAR BEFORE WHERE BIG ACCOUNTS RAN OFF IN A VERY UNUSUAL KIND OF WAY. THAT DOESN'T TYPICALLY HAPPEN. AND SO THAT RUNOFF WILL BE LARGELY THROUGH AT THE -- THROUGH AT THE END OF '14 AND THEN WE ACTUALLY HAVE THE ABILITY NOW TO TURN TO A PROACTIVE SELLING MOTION. WE'VE GOT AN ENTIRELY NEW SALES TEAM, NEW SALES LEADER AND WE ACTUALLY SIGNED OVER 200 NEW LOGOS IN WHAT I WOULD CALL THE NEW STYLE OF I.T., STRATEGIC ENTERPRISE SERVICES, SMALLER CONTRACTS THAT ARE MEANINGFUL TO OUR CUSTOMERS. WE HAVE TO IMPROVE THE PROFIT MARGIN IN THAT BUSINESS. IT WAS FLAT YEAR OVER YEAR. GOOD NEWS IT WAS UP SEQUENTIALLY FROM 1% TO 2.5%. WHAT WE'VE SAID WE'VE GOT TO GET TO 7 % TO 9% OPERATING MARGIN THERE AND THERE'S WORK TO BE DONE. IN THESE TURNAROUNDS THERE ARE BUSINESSES PERFORMED VERY WELL, BUSINESSES WHERE MORE WORK IS NEEDED. ENTERPRISE SERVICES IS ONE OF THOSE BUSINESSES.

FABER: WHEN IT COMES TO STORAGE YOU'RE DISAPPOINTED. THAT WAS A WORD I BELIEVE USED BY YOUR CFO IN HER PREPARED REMARKS IN THE CONFERENCE CALL. WHAT'S DISAPPOINTING? I KNOW THAT WORLD IS CHANGING VERY QUICKLY BUT WHAT GIVES YOU THE CONFIDENCE THAT YOU CAN EXECUTE PROPERLY TO TAKE ADVANTAGE OF THE OPPORTUNITY?

WHITMAN: YEAH. THE STORAGE RESULTS WERE DISAPPOINTING. THEY WERE DOWN 6% YEAR OVER YEAR. ALTHOUGH WE BELIEVE WE'LL GROW A POINT OF SHARE IN THE MARKET. I THINK WE PERFORMED SLIGHTLY BETTER. THIS IS LARGELY A MARKET PROBLEM AS I UNDERSTAND IT AND ONLY THREE THINGS GOING ON. FIRST MORE EFFICIENCY THAT IS BEING GAINED IN THE STORAGE MARKET THROUGH COMPRESSION AND THEN PROVISIONING. THEN THERE IS THE HIGH-END MARKET IS MOVING TO THE MIDTIER MARKET 3 PAR IS A GREAT EXAMPLE. YOU CAN GET A FABULOUS STORAGE PRODUCT THAT USED TO COST YOU MUCH MORE THAT IS NOW VERY, VERY COST EFFECTIVE AND THEN I THINK A LOT OF CUSTOMERS WERE TAKING A PAUSE. GEE, WHAT'S GOING ON WITH FLASH. WHAT ABOUT THESE LOWER PRICES IN STORAGE. WHAT SHOULD WE DO AS ORGANIZATIONS. AND MY BELIEF IS THIS WILL ACCELERATE IN THE SECOND HALF IT'S WHAT A LOT OF THE SUPPLIERS ARE SAYING. I THINK OUR COMPETITORS BELIEVE THAT. WE HAVE TO SEE THAT MARKET COME BACK. OUR OBJECTIVE WE ALWAYS WANT TO OUTPERFORM THE MARKET WHICH WE DID BUT WE'VE GOT TO -- THE GOOD NEWS WE ARE PERFECTLY POSITIONED WITH 3 PAR TO THE EXTENT PEOPLE START BUYING AGAIN 3 PAR IS PERFECTLY POSITIONED FOR WHAT PEOPLE WANT IN THE NEXT GENERATION OF STORAGE.

FABER: THAT MIDDLE TIER THAT DELIVERS HIGH TIER IN A SENSE. FINALLY MEG, PERSONAL SYSTEMS GROUP, NEVER VERY PROFITABLE BUT SALES WERE UP AND AS YOU TOLD US LAST QUARTER, A WHILE AGO, WHEN THERE WERE A LOT OF DOUBTERS COMMERCIAL PCs ARE NOT DEAD, STILL HANGING IN THERE. DO YOU CONTINUE TO SEE STABILIZATION AND/OR POTENTIAL GROWTH WHEN IT COMES TO THE COMMERCIAL SIDE OF THE PC BUSINESS?

WHITMAN: OUR PC BUSINESS GREW 7%, OUR COMMERCIAL BUSINESS GREW FASTER THAN THAT. OPERATING MARGINS WERE UP AND FOCUSED ON PROFITABLE GROWTH. I THINK THAT'S PARTLY BECAUSE OF THE MIGRATION FROM XP TO WINDOWS, FROM A DELAYED REFRESH PROGRAM. A LOT OF BUSINESSES HELD OFF TO SEE WHAT WAS GOING TO HAPPEN HERE. WE SEE SOME -- WE THINK WE'LL HAVE A COUPLE MORE GOOD QUARTERS HERE VERY GOOD QUARTERS BUT THE MARKET WE DO THINK THE MARKET IS IN A SLOW DECLINE AND WE OUTPERFORM THE MARKET PRETTY DRAMATICALLY THIS QUARTER. SO LISTEN, IT'S FUNNY, ISN'T IT? REMEMBER WHEN WE FIRST STARTED WHEN I CAME TO HP, WE SAID PCs ARE DEAD, PRINTERS ARE DEAD. I GUESS NEITHER TURNED OUT TO BE THE CASE.

FABER: NO. MAYBE A SLOW DEATH. WITH SOME GOOD MOMENTS. MEG, FINALLY, A NUMBER OF PEOPLE SEEM TO BE MAKING A LOT OF YOUR FREE CASH FLOW WHICH HAS BEEN SIGNIFICANT, ABOVE THE INVESTORS THAT FOLLOW THE COMPANY'S EXPECTATION OF $3.2 BILLION. THERE'S CHATTER I PICKED UP ON THE CALL, MAYBE YOU SHOULD DO A DEAL, MAYBEYOU SHOULD EVEN CONSIDER DOING A LARGER DEAL THAN YOU THOUGHT ABOUT. THIS MAN TO MY RIGHT WAS TALKING ABOUT IT. IS THAT SOMETHING YOU WOULD CONSIDER? A LARGER ACQUISITION AGAIN TO TRY TO TRANSFORM A COMPANY AS YOU CONTINUE TO TRY TO TURN IT AROUND?

WHITMAN: WELL, LET ME SAY THIS, AND REPEAT WHAT I'VE SAID BEFORE, ANY ACQUISITIONS WE MAKE WILL BE RETURNS BASED. THEY ARE LIKELY TO BE SMALL TO MEDIUM-SIZE ACQUISITIONS. IN THE AREAS OF CLOUD, BIG DATA, SECURITY, MAYBE SOME OF OUR CORE BUSINESSES IF WE SEE A PARTICULAR MARKET SEGMENT WHERE WE WANT TO PLAY AND WE DON'T HAVE THE PRODUCT. SO WE'LL BE VERY DISCIPLINED ABOUT THIS. WE WILL MAKE SURE IT IS – THOSE ACQUISITIONS ARE DIRECTLY ALIGNED TO OUR STRATEGY AND I HAVE TO SAY I THINK THEY'RE IN THE SMALL TO MEDIUM SIZED RANGE.

FABER: AND FINALLY, MEG, ONCE YOU HIT 50,000 OR ROUGHLY IN TERMS OF JOB CUTS ARE YOU DONE?

WHITMAN: WELL THAT WILL BE THE END OF THE RESTRUCTURING PROGRAM WE STARTED IN 2012. WHAT I'VE SAID AFTER THE FIRST RESTRUCTURING PROGRAM WHICH WAS A THREE YEAR PROGRAM THEN WE HAVE TO BUILD PRODUCTIVITY INTO THE DNA OF HEWLETT-PACKARD AND SO WE ALWAYS, EVERY YEAR HAVE TO BE MORE EFFICIENT. I WILL SAY WE LIVE IN A NEW WORLD ORDER. WE HAVE COMPETITORS WHO ARE THE MOST RESPECTED BIGGEST COMPANIES, COMPANIES IN THE OTHER PARTS OF THE GLOBE AND THE START-UPS YOU RECOGNIZE. WE HAVE TO BE INCREDIBLY EFFICIENT IN HOW WE DO THINGS SO WE'RE EASY TO DO BUSINESS AND OUR CUSTOMERS CHOOSE US BECAUSE THEY LIKE OUR PRODUCTS AND LIKE HOW WE SERVICE THEIR NEEDS. SO -- BUT WE WILL BUILD THAT EFFICIENCY INTO OUR DAY-TO-DAY OPERATIONS. THERE WON'T BE ANOTHER BIG RESTRUCTURING FOR SURE.

FABER: AS ALWAYS APPRECIATE YOUR TIME. THANK YOU.

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