HP plans to move into the cloud

PC maker Hewlett Packard has unveiled plans to move into the cloud computing market.

Chief executive Leo Apotheker says that HP will develop its own internet services and create an application store, for consumers and businesses.

The focus on such online services is seen by analysts as attempt by HP to catch up with rivals such as Apple and IBM.

Mr Apotheker also said HP was aiming to boost earnings and increase dividends.

In February, HP reported lower-than-expected sales growth for the last quarter of 2010.

Outlining his long term vision for the company, Mr Apotheker announced that the recently unveiled TouchPad would be launched in June.

The TouchPad is part of the firm’s strategy to make inroads into the tablet market established, in part, by the Apple iPad.