HP to cut 5,000 more jobs in 2014

HP logoIn May 2012, Hewlett-Packard announced that it would be cutting about 27,000 jobs through fiscal year 2014 in a move expected to save the company as much as $3.5 billion. That number ticked up to 29,000 by July 2013.

However, the company released its annual report yesterday, and buried on page 110 is this nugget of additional bad news: HP will be cutting 5,000 more jobs, for a total of 34,000 cuts by the end of fiscal 2014.

As of the end of October 2013, HP employed 317,500 people. This is down from almost 350,000 in May 2012; by the time the layoffs are over, HP will have shed at least 10 percent of its total workforce. HP cites "continued market and business pressures" as the reason behind the creeping layoff numbers.

HP's 10-K filing with the Securities and Exchange Commission also shows that the company ended the year with a profit of $5.1 billion. HP lost about $12.6 billion in 2012, but made just over $7 billion in 2011. In short, the last three years have essentially been a wash for the tech stalwart.

Way back in 2012, CEO Meg Whitman told analysts and investors that "2014 will be the year you see real recovery and expansion," adding that "The new products and services we've been working on will kick in big-time in 2014."

For now, Wall Street has rewarded HP's plan: the stock has nearly doubled in price over the course of 2013.

Source: Ars Technica

Tags: HP

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