Industryweek 5883 Hp

Hewlett-Packard to Cut 5,000 More Jobs

Dec. 31, 2013
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

Popular Sponsored Recommendations

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Gain a competitive edge with real-world lessons on private 5G networks

Nov. 16, 2023
The use of private networks in manufacturing applications is rapidly growing. In this paper, we present valuable insights and lessons learned from the field with the goal of enhancing...

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Modern Edge Computing Accelerates Smart Manufacturing Initiatives for Discrete Manufacturers

Oct. 22, 2023
Discover how Edge Computing platforms are a requisite for discrete manufacturers to solve production challenges, accelerate digitalization, and establish a reliable infrastructure...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!