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HP to slash up to 30,000 jobs

30,000 jobs to go at HP, just 10% of their entire work force

By Anthony Garreffa on May 21, 2012 at 01:16 am CDT - 0 mins, 52 secs reading time

Hewlett-Packard (HP) are set to slash up to 30,000 jobs in order to restructure themselves in the competitive business that is IT, thanks to the huge numbers smart devices have been pulling lately.

HP to slash up to 30,000 jobs | TweakTown.com

HP have nearly 350,000 employees, so we're looking at a reduction of 10-percent (or so) of their entire staff. Anonymous sources have said that HP would cut between 25,000 and 30,000 jobs. HP are expected to announce the cuts this week in their quarterly earnings call, where it's expected HP won't fare so well.

Cutting just 18,000 jobs would save HP nearly $1 billion per year according to Brian Marshall, an analyst for ISI Group. But, HP are expected to lose $5 billion of its annual revenue this year, down from $127 billion to $127 billion. New CEO Meg Whitman has said she wants to spend more money on research and development in order to stir up innovation.

She also expects to reduce expenses in other areas, so that HP can afford the R&D, this means we should expect more cuts in the near future from HP.

Last updated: Nov 30, -0001 at 12:00 am CST

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games to be built around consoles. With FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with high-end, custom-built PCs. His addiction to GPU technology is unwavering, and with next-gen NVIDIA GPUs about to launch alongside 4K 144Hz HDR G-Sync gaming monitors and BFGDs (65-inch 4K 120Hz HDR G-Sync TVs) there has never been a time to be more excited about technology.

NEWS SOURCE:vr-zone.com

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