HP adds another 5,000 jobs to layoff plan for 34,000 total
Computer giant is increasing the number of positions it expects to eliminate as part of a years-long turnaround plan.
Hewlett-Packard is yet again ramping up the number of jobs it expects to eliminate as part of its turnaround plan, blaming market and business pressures for the cuts in a regulatory filing Monday.
The world's largest computer maker revealed in a filing with the Securities and Exchange Commission that it expects to cut an additional 5,000 jobs on top of the 29,000 it previously planned to eliminate. The company originally announced plans to cut 27,000 positions in May 2012, boosting that figure in September 2012.
"Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15% of those 29,000 positions, or a total of approximately 34,000 positions, and to record an additional 15% of that $3.6 billion in total costs, or approximately $4.1 billion in aggregate charges," the company said in its annual report. "HP expects to record these charges through the end of HP's 2014 fiscal year as the accounting recognition."
HP, which currently employs about 331,800 worldwide, expects the cuts to be completed by October 2014.
Job cuts already made as part of the plan appeared to be helping the company's turnaround efforts. In November, the company reported a fourth-quarter profit of $1.4 billion, or 73 cents a share, on revenue of $29.1 billion, down 3 percent from the same quarter in 2012.
Updated 12/31 at 8:45 a.m. to note that the job cuts were first disclosed in a regulatory filing in October, as well as an analyst meeting.