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May 23, 2014

HP to cut up to 16,000 jobs

Says company’s turnaround is on track.

By CBR Staff Writer

Hewlett Packard will reduce its workforce by 11,000 to 16,000 employees, in addition to the 34,000 job cuts announced in 2012.

The company made the announcement in its quarterly results released yesterday. It had a workforce of about 317,500 by the end of 2013.

HP said in the release that the "eliminated positions" will increase by 11,000 to 16,000 from the estimated 34,000 in accordance with its multi-year restructuring plan.

The plan adopted in 2012 requires the company to simplify business processes, accelerate innovation, lower costs and deliver better results.

Q2 profits came to $1.27bn, up 18% on the same period last year, on revenue of $27.3bn, down 1% on Q2 2013.

Revenue from personal systems, its biggest revenue generator, rose by 7% year over year. Sale of desktops and notebooks increased by 6% each.

HP president and CEO Meg Whitman said: "With the first half of our fiscal year completed, I’m pleased to report that HP’s turnaround remains on track.

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"With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape."

Earlier this month, SAP said it plans to reduce its workforce by 3% as part of trimming its software business and focusing on cloud services.

Image: HP’s headquarters in Palo Alto, California. Photo courtesy of HP

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