Hewlett-Packard expands job cuts by 2,000

Sep 10, 2012

(AP)—Hewlett-Packard plans to cut about 2,000 more jobs than previously announced, as CEO Meg Whitman tries to turn the company around. Last month, HP posted the largest loss in its 73-year history.

In a regulatory filing Monday, the computer and printer maker says it will cut 29,000 jobs by October 2014, up from the 27,000 announced in May.

It didn't explain why it raised the number.

The company expects to record charges of $3.7 billion, mainly for the job cuts. That's up from May's $3.5 billion estimate.

HP has been hit by the shift in spending towards cellphones and tablets.

Shares rose 30 cents, or 1.7 percent, to $17.59 in morning trading. That's close to their eight-year low of $16.77, hit Aug. 30.

Explore further: New iPhones deliver big profits for Apple (Update)

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Reports: HP poised to eliminate up to 30,000 jobs

May 17, 2012

(AP) -- Published reports say Hewlett-Packard is poised to eliminate up to 30,000 jobs to help offset dwindling demand for personal computers as more people connect to the Internet on smartphones and tablets.

HP to take record quarterly loss

Aug 08, 2012

(AP) — Hewlett-Packard Co. on Wednesday said that it will take a massive charge against its earnings for the latest quarter, leading to a record loss of nearly $9 billion.

HP tabs software exec as chief operating officer

May 30, 2012

(AP) — Hewlett-Packard Co. has promoted Bill Veghte to chief operating officer, the latest expansion of his responsibilities since the slumping technology company hired Meg Whitman as its CEO eight months ago.

Dell eyes more than $2B in cuts over 3 years

Jun 13, 2012

(AP) — Computer maker Dell Inc. is planning to trim its expenses by more than $2 billion during the next three years as it tries to move into the more lucrative areas of technology.

HP stock hits 6-year low after Whitman named CEO

Sep 23, 2011

(AP) -- Hewlett-Packard Co.'s stock sank Friday to its lowest level in six years, as investors worried that new CEO Meg Whitman isn't the right person to turn the company's fortunes around.

Recommended for you

Facebook sues law firms, claims fraud

2 hours ago

Facebook is suing several law firms that represented a man who claimed he owned half of the social network and was entitled to billions of dollars from the company and its CEO Mark Zuckerberg.

IBM 3Q disappoints as it sheds 'empty calories'

2 hours ago

IBM disappointed investors Monday, reporting weak revenue growth again and a big charge to shed its costly chipmaking division as the tech giant tries to steer its business toward cloud computing and social-mobile ...

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

User comments : 0