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September 11, 2012

HP plans to cut 2,000 more jobs, brings total to 29,000

The jobs cuts are anticipated to be completed by the end of fiscal year 2014

By CBR Staff Writer

HP is planning to lay off 2,000 more employees, bringing the total number of job cuts to about 29,000 over the next two years.

In May 2012, HP revealed its plans to cut 27,000 workers – nearly 8% of its workforce – as it looks to save $3.5bn a year. The culling of 29,000 HP workers is anticipated to be completed by the end of fiscal year 2014 and the company will likely have cut 11,500 jobs by end of fiscal 2012.

HP raised its restructuring costs to $3.7bn through the end of fiscal 2014, up from its previous estimate of $3.5bn.

HP’s most recent quarterly financial results revealed a loss of $8.8bn, the biggest in its history, after slowing PC sales were compounded by a huge writedown of its $14bn EDS acquisition in 2008.

Revenue came in at $29.7bn, a 5% drop compared to the $31.2bn recorded in the same quarter last year.

Besides job cuts, HP also to take another $400m in charges relating to data centers and real estate consolidation.

More recently, HP launched four new consumer all-in-one (AiO) PCs, including ENVY 23, ENVY 20, SpectreONE and Pavilion 20, which are designed to work with Microsoft Windows 8.

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