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HPQ Stock – Hewlett-Packard Plans 5,000 More Job Cuts

The cuts are part of its massive restructuring program

   

Hewlett-Packard (HPQ) will cut its payroll even more deeply than previously announced.

Hewlett-Packard corporate building
Source: Flickr

In documents filed with the Securities and Exchange Commission, the computer giant says it plans to slash another 5,000 jobs before Oct. 31. Some of the jobs will be eliminated through attrition. That would increase the number of jobs lost in its latest restructuring to a total of 34,000, GigOM notes.

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HPQ has struggled in recent years as desktop and laptop sales have declined sharply under pressure from rising consumer preference for mobile devices. Under CEO Meg Whitman, HPQ has attempted to streamline operations and move toward business services.

In 2012, the company announced plans to cut 29,000 jobs by the end of fiscal 2014. The newly revealed job cuts raise that to 34,000. The company expects to incur a total of $4.1 billion in charges due to the job cuts. In 2013, HPQ employed more than 331,000 workers.

HPQ stock almost doubled in 2013, rising from about $15 a share to end the year around $28 a share. HPQ stock has risen by more than 30% since October.

On the latest payroll-trimming news, HPQ stock sank more than 1%.


Article printed from InvestorPlace Media, http://investorplace.com/2014/01/hpq-stock-hewlett-packard-plans-5000-job-cuts/.

©2016 InvestorPlace Media, LLC

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