During Fiorina's time as CEO, HP's revenue doubled due to mergers with Compaq and other companies,
[62][63] and the rate of patent filings increased.
[63] According to reports, however, the company underperformed by a number of metrics: there were no gains in HP's
net income despite a 70% gain in net income of the
S&P 500 over this period;
[62] the company's debt rose from ~4.25 billion
USD to ~6.75 billion USD;
[62] and stock price fell by 50%, exceeding declines in the S&P 500 Information Technology Sector index and the
NASDAQ.
[62][64] In contrast, stock prices for
IBM and
Dell fell 27.5% and 3% respectively, during this time period.
[64]
The February 7, 2005 issue of
Fortune described her merger plan as "failing" and the prognosis as "doubtful".
[47]
Business professor Robert Burgelman and former HP executive vice president, Webb McKinney who led HP's post-merger integration team, analyzed the merger and concluded that it was ultimately successful, and asserted that Fiorina's replacement,
Mark Hurd, was able to do what his predecessor hadn't, thus making the merger work in HPs advantage.
[65] In 2008, former acting CEO of Compaq and
Huffington Post business contributor,
Ben Rosen, referred to the merger as "The Merger That Worked". Rosen went on to reference pundits trying to discredit Fiorina as corporate leader as "shrill", and stated that "...the merger wasn't the problem; it was the management. All Hewlett-Packard needed was strong management in order to realize the latent potential of the merged company."