HP Q2 PROFITS FALL 21% TO LAY-OFF 6,400 ENPLOYEES

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HP Q2 PROFITS FALL 21% TO LAY-OFF 6,400 ENPLOYEES

 user 2009-05-22 at 11:18:28 am Views: 38
  • #22254

    http://www.bizjournals.com/sanjose/stories/2009/05/18/daily46.html
    HP to cut 6,400 jobs as Q2 profits fall
    Hewlett-Packard Co. said it will cut another 2 percent — or about 6,400 jobs — from its work force.The Palo Alto-based company made the announcement during a conference call Tuesday after reporting a drop in second quarter net income to $1.7 billion, or 70 cents a share, from $2.1 billion, or 80 cents a share, in the same period last year.The information technology giant acquired Plano, Texas-based Electronic Data Systems Corp. last year and rolled out a restructuring plan that included the integration of EDS into HP — and expected elimination of 24,600 jobs over three years.HP said at the time the reduction would affect 7.5 percent of the companies’ combined work force, which consists of 320,000 people worldwide. Half of the job reductions will occur in the U.S., and the majority will come from Plano-based EDS’s side of the business.The location of the job cuts was not specified.