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Friday, May 23, 2014
HP To Cut Thousands Of Jobs As Results Disappoint

Hewlett-Packard will cut 11,00 to 16,000 more jobs in as CEO Meg Whitman has been trying to turn around the personal computer.

Whitman said the turnaround remained on track and her raised target reflected how HP continued to find areas to streamline across its broad portfolio, which encompasses computing, networking, storage and software.

HP estimated about three years ago when it first announced its sweeping overhaul that it would need to shed 27,000 jobs. That number rose to 34,000 last year.

On Thursday, it estimated another 11,000 to 16,000 more jobs needed to go.

The Silicon Valley company posted a disappointing 1 percent drop in quarterly revenue, as it struggled to maintain its grip on the shrinking personal computer market and weak corporate tech spending.

HP recorded sales of $27.3 billion in its fiscal second quarter ended April 30.

Whitman said China remained a challenging region, though revenue from that country rose in the quarter.

HP forecast full-year earnings of $3.63 to $3.75 a share.

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