HewlettPackard to Cut 5000 More Jobs

Hewlett-Packard to Cut 5,000 More Jobs

The company said the increased job cuts were ‘due to continued market and business pressures.’

NEW YORK -- Struggling computer giant Hewlett-Packard (IW 1000/28) 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 job cuts were "due to continued market and business pressures."

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

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.

Copyright Agence France-Presse, 2013

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