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 11:19:08 am Views: 38
  • #22268
    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.