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 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
- >> NEXT STORY: Sony tablets to all receive Android 4.0 ICS updates by the end of the month
- << PREVIOUS STORY: Microsoft launches So.cl, a new social networking site