I believe the comparison HP would prefer you use is to IBM. Unlike Apple, HP has a whole lot more than consumer PCs. Between its servers and EDS, it's arguably much more like IBM.

IBM was synonymous with the PC especially in business and government and especially with Thinkpad laptops. Hell, other PCs were always called "IBM Compatible" because an the modern PC was really just a compatible copy of IBM's version of the personal computer. But IBM wasn't executing well and failing to keep up with the Dells of the world on the consumer side of things.

So IBM spun off its consumer products like its PC division (to Lenovo), its peripherals like keyboards and mice (to Unicomp), and its printers (as Lexmark). Then it doubled down on big iron, midrange servers, and made a huge play on software and consulting services.

In the end, IBM survives, is profitable, and nobody thinks it's going away any time soon. What remains of HP has long been growing into a copy of the modern IBM with a huge, low margin PC business hanging off it that grows only by cannibalizing the market share of other low margin PC manufacturers exiting the market entirely. To think that the remaining half of the company wouldn't survive after spinning off the PC business is just silly.