Hewlett-Packard to Cut Up 16,000 More Jobs
In an announcement made after the IT giant's latest results were released unexpectedly before markets closed in the United States on Thursday, Hewlett-Packard (HP) is to cut up to 16,000 jobs worldwide, after 11 quarters in a row of declining revenues.
Shares in HP fell 2.3% on the news of revenue falling. Sales were down in the latest quarter by 1%, to $27.31bn (£13.7bn), which was below analysts' expectations. Between 11,000 and 16,000 jobs are to be lost, on top of the 34,000 cuts that were announced in a May 2012 restructure plan.
HP had announced it would slash 1,100 jobs at three of its UK sites in the first quarter, last December. The firm is under pressure amid a global decline in PC sales and growing demand for laptops and greater tablet use.
The company said in a release that the increased cuts come "as HP continues to re-engineer the workforce to be more competitive and meet its objectives".