Hewlett-Packard says 5,000 more job cuts needed

An Indian student holds a Hewlett-Packard laptop given to her by Indian chief minister of Utar Pradesh, Akhilesh Yadav at a cere
An Indian student holds a Hewlett-Packard laptop given to her by Indian chief minister of Utar Pradesh, Akhilesh Yadav at a ceremony in Allahabad on October 6, 2013

Struggling US computer giant Hewlett-Packard plans to slash 5,000 more jobs than previously announced because of a difficult business environment, a regulatory filing shows.

HP will eliminate 34,000 positions by the end of its fiscal year next October, up from an earlier estimate of 29,000, said a document dated Monday and filed with the Securities and Exchange Commission.

The California-based firm, one of the biggest makers of personal computers, is in the midst of a multi-year restructuring to cope with the shift away from PCs to mobile devices.

The company said the increased were "due to continued market and business pressures."

That will add 15 percent to HP's one-time costs for the move, resulting in total charges of $4.1 billion, HP said in the document.

HP posted a profit of $5.1 billion on revenue of $112.3 billion in the fiscal year that ended October 31, compared to a $12.7 billion loss the prior year on revenue of $120.4 billion.

Under chief executive Meg Whitman, HP has shaken up its executive leadership team as part of an effort to regain its footing on a computing landscape being transformed by the popularity of smartphones and tablets.


Explore further

HP raises CEO Whitman's salary to $1.5M from $1

© 2013 AFP

Citation: Hewlett-Packard says 5,000 more job cuts needed (2013, December 31) retrieved 21 August 2019 from https://phys.org/news/2013-12-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.
0 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more