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

[Anonymous]

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.

[Author]

May 22, 2009 at 11:19 AM