Hewlett-Packard expands job cuts by 2,000

(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.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Citation: Hewlett-Packard expands job cuts by 2,000 (2012, September 10) retrieved 22 July 2024 from https://phys.org/news/2012-09-hewlett-packard-job.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

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

0 shares

Feedback to editors