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Hewlett-Packard, reporting a 30% fall in profits, to lay off 27000 workers

One News Page Staff
Thursday, 24 May 2012

Hewlett-Packard, reporting a 30% fall in profits, to lay off 27000 workersby

Hewlett-Packard announced it is to cut 27,000 jobs by the end of 2014 as part of a major restructuring program designed to bring growth back into the embattled company

SAN FRANCISCO, CA -- Hewlett Packard, the world's largest computer maker, announced on Wednesday it is planning to slash 27,000 jobs, or 8% of its global workforce, within the next two years as part of a major restructuring plan.

HP's CEO Meg Whitman, who took over the helm in September last year, said the restructuring plan is the biggest in the corporation's 73-year history.

The company expects to save $3 billion to $3.5 billion annually from the job cuts and other austerity measures.

The news came as HP announced its quarterly results - a 30% profit decline in comparison to the same quarter a year ago, but still better than what analysts had expected.

"While I wouldn't say we turned the corner, we are making progress," said CEo Whitman, who added she is cautiously optimistic that HP is stabilizing. "It's a journey, and we have a lot of work to do in this turnaround."

She also announced that HP plans to launch tablets -- for both consumers and corporations -- later this year.

"We will have a Windows 8 tablet for the holiday," she said.

The company will also invest further in cloud computing online, data storage and computer security.
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