Hewlett-Packard will lay off 27,000 employees

Meg Whitman has his scissors out in his hands and is proceeding to cut. The CEO of Hewlett-Packard confirmed that the Palo Alto technology company will proceed to a massive reduction in employment, with the goal of eliminating up to 27,000 jobs , or roughly
8% of the workforce. The announcement came in tandem with news of their second quarter’s fiscal results that saw their shares rise 5%, after going down 3% during the day.

The world’s first manufacturer of computers finished the quarter with a net profit of 1,590 million (1,260 million Euros) compared to 2,300 million a year ago (1,826 million Euros). Revenue for the start of the year was expected to be at 30,690 million,
representing a fall of 3%. It has been reported that the downward trend will continue until 2013.

Whitman was hired last year to overturn the fortunes of company’s business and re-grow their income. Reduction on the workforce wage bill is a part of the restructuring plan that the American business need to stabilize. HP has 325,000 employees around the
world with planned layoffs affecting them on a global scale. Mark Hurd eliminated 9,000 jobs in the summer of 2010 and only last February there were 275 more layoffs.

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Posted by Awais Khan on May 25 2012. Filed under Business, Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry