HP to slash another 2,000 jobs

11 Sep 2012

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Hewlett-Packard (HP) intends to lay off another 2,000 workers, bringing the number of staff who will be forced to leave the PC maker by the end of fiscal year 2014 to 29,000.

In a document filed with the US Securities and Exchange Commission today, HP said it is increasing the number of workers slated for layoffs or retirement.

In May, HP reported second-quarter revenues of US$30.7bn, down 3pc year on year but an improvement on the first quarter when revenues dropped 38pc. Net profits were down 31pc to US$1.6bn.

HP had confirmed that as part of a multi-year restructuring drive some 27,000 workers – 8pc of its workforce – would exit the company by the end of 2014. The restructuring had been projected to generate annualised savings of US$3bn- US$3.5bn.

The company had said workforce reductions will vary country by country and it hoped most employees who exit will take up the offer of an early retirement programme.

Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com