HP Confirms Deeper Layoffs Expected, Will Cut Another 5,000 Jobs

May 28, 2010 - Palo Alto, California, USA - Worldwide headquarters of Hewlett-Packard Company located at 3000 Hanover Street, Pa
Alamy
PALO ALTO, Calif. -- Personal computer giant Hewlett-Packard (HPQ) has confirmed that it expects layoffs at the upper end of a range that it outlined earlier this year, with 5,000 more workers than originally planned expected to lose jobs by October 2014.

The company said in a securities filing Monday that "continued market and business pressures" were behind the move. The additional cuts, on top of the 29,000 positions it planned to cut in a May 2012 restructuring plan, will likely boost the accumulated restructuring charges to $4.1 billion from $3.6 billion, it said.

Hewlett-Packard said in March that its estimated cutbacks could vary by as much as 15 percent from its original estimate. At an October meeting with analysts, Chief Financial Officer Cathie Lesjak said the company planned to end up "near the high end" of that range.

Cost cuts have helped HP weather revenue declines in PCs, printing and enterprise services. In the fiscal year through Oct. 31, revenue fell 7 percent to $112.3 billion, but the company posted $5.1 billion in net profit, compared with a $12.7 billion loss a year earlier.

HP shares had risen 12 cents to $28.179 at 2 p.m. Tuesday.

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Wicked Stik

Impeach Obama and vote for Phil- Duck duck

January 01 2014 at 9:41 PM Report abuse rate up rate down Reply
Hi Den

What about the unemployment rate. According to our great leader, we are getting close to the the unemployement rates under Bush. Anyone who believes that phony nonsensical unemployement number is full of it. The Labor participation rates is as low if not lower than the Carter years. Well, the people who lost these good jobs will show up somewhere with pointed hat on in a drive thru, and Obama will tell you the unemployement rate is under 7%.

January 01 2014 at 2:12 PM Report abuse +1 rate up rate down Reply
AL CONFER

Business's make decisions on a daily basis. Has any of you thought how many PC's are no longer being made? You don't produce a product that is not selling. Today the market has shifted to the smart phones and now that virtually every citizen has a smart phone, that market is also drying up. Now on top of that, Obamacare is bring thrust upon those same business's and all of these business's are not going to be blackmailed into just another tax or if you like, a welfare program. It's not a companys obligation to provide you or your family with healthcare. They pay you a salary and what you do with it, is up to you. This is what happens when you pass a bill, but pass it first as Nancy Pelosi stated, and then read it. Typical liberal BS. You can thank the Democrats for your job losses and union ever incessant wage and benefit demands. When you voted in the liberals, they left you know its all about wealth distribution, so now you got what you voted for. Welcome to Obamas socialism.

January 01 2014 at 1:18 PM Report abuse +1 rate up rate down Reply
Tom Harrell

TRUST the "BIG BOYS"-----------------they need "BIGGER TAX CUTS" and "LARGER LOOPHOLES".--------------They'll do what's "RIGHT" for America and Americans if we just "GIVE THEM MORE PROFITS" ! ! ! --------------------It will ALL "TRICKLE" back down to the People (Eventually). Even URINE turns back into Plain old WATER eventually. So when they're PEEing down our Backs and telling us it's RAINING, They're kinda "RIGHT" (in a Way)-----------------------It only STINKS if you SMELL IT.

January 01 2014 at 2:43 AM Report abuse -3 rate up rate down Reply
1 reply to Tom Harrell's comment
gpfs

Interesting, who do you think owns all that HP stock? Pensions, IRA'S 401k's! The very one's who benefit from increased profits! You can't have it both ways Tom ole boy!

January 01 2014 at 3:06 PM Report abuse rate up rate down Reply
dominick

Big Blue ( IBM) is moving out of New York State to China. Not because they are losing money but to make money for the stock broker. This was from a reliable former retired IBMer. He said 3 years they will be gone except Armonk NY

December 31 2013 at 11:57 PM Report abuse rate up rate down Reply
1 reply to dominick's comment
gpfs

Right, George who works in the rest rooms said he heard that.

January 01 2014 at 3:32 PM Report abuse rate up rate down Reply
dominick

I read oil companies only make .08 cents per gallon of gas. The Fed make .50 cent tax per gallon and my know it all state of New York gets .70 cents per gallon. So who is the bad guy

December 31 2013 at 11:53 PM Report abuse +3 rate up rate down Reply
1 reply to dominick's comment
ualfriend

the only thing you got right is the .08
http://www.newyorkgasprices.com/Tax_Info.aspx

http://www.exxonmobilperspectives.com/2012/08/08/who-makes-more-from-sales-at-the-pump-industry-or-government/

January 01 2014 at 1:21 PM Report abuse rate up rate down Reply
Bing Li

HP makes crappy product = Layoffs.

December 31 2013 at 11:53 PM Report abuse -1 rate up rate down Reply
impalaanthony

Just the beginning,,,,,,,,Happy New year,,,,,,,

December 31 2013 at 10:59 PM Report abuse +1 rate up rate down Reply
Tina & Brian

If a company's Board of Directors decides to outsource one job to forein soil the BoD, CEO and all the administrators need to move, along with the outsourced position, to whatever third world country and see how it feels to be in fear of their lives every minute of the day. Murder, kidnapping for ransom does occur in those places! Had our incapable Congress made this law 2 decades ago, the hardworking people of our great country would not be in as bad a shape as it is! Congress and POTUS, GET A CLUE!

December 31 2013 at 8:45 PM Report abuse rate up rate down Reply
1 reply to Tina & Brian's comment
gpfs

For a moment assume there was no out sourcing. Instead there was only importation! How would U.S. manufacturers compete against foreign products? Keep in mind American's buy price ala WallMart.

January 01 2014 at 3:13 PM Report abuse rate up rate down Reply
emberson7

I never went to collage worked for 35Yrs never been layed off .

December 31 2013 at 8:41 PM Report abuse +1 rate up rate down Reply
1 reply to emberson7's comment
pdbocc

I went to college, have worked 49 years, so far, and have never been laid off. Sure would be nice to be able to say the same for those just starting their careers.

December 31 2013 at 10:23 PM Report abuse rate up rate down Reply