Hewlett-Packard to Cut Another 2,000 Jobs

It will combine early retirement and layoffs to slash its payroll


Hewlett-Packard to Cut Another 2,000 Jobs

In documents filed with federal regulators on Monday, Hewlett-Packard (NYSE:HPQ) announced plans to cut another 2,000 jobs through layoffs and early retirements.

The computer equipment maker had already announced plans to trim its workforce by 27,000 — 8% of its global workforce — back in May as part of its latest restructuring plan under new CEO Meg Whitman, CNNMoney noted.

 Hewlett Packard to Cut Another 2,000 Jobs
Hewlett-Packard: No Steps Forward

With the new round of cuts, HP will shed 29,000 workers by the end of fiscal 2014. HPQ shares moved up more than 2% in Tuesday midday trading. HP shares have dropped 30% since the beginning of this year.

The cost of its restructuring has grown, too. HP increased its projected expenses from previous estimates of $3.5 billion to $3.7 billion.

Last month, the company raised its profit forecast for the current quarter, topping analysts’ estimates, but it also said it expected to take charges of between $1.5 billion and $1.7 billion during the quarter, more than initially estimated.

In June, computer-making rival Dell (NASDAQ:DELL) announced plans to trim about $2 billion in operating costs and reduce the number of products it offers.

Article printed from InvestorPlace Media, http://investorplace.com/2012/09/hewlett-packard-to-cut-another-2000-jobs/.

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