HP to cut up to 16,000 more jobs after 1% drop in quarterly revenue
Hewlett-Packard (HP) plans to cut as many as 16,000 more jobs in a major ramp-up of CEO Meg Whitman’s years-long effort to turn around the personal computer maker and relieve pressure on its profit margins, Reuters has reported. The company posted a 1% drop in quarterly revenue, as it struggled to maintain its grip on the shrinking personal computer market while protecting profit margins. That marked its 11th consecutive quarterly sales decline. HP, whose sprawling global operations have more than 250,000 employees, had originally planned to shed 34,000 jobs as part of its corporate overhaul. On Thursday, it estimated 11,000 to 16,000 more positions needed to go, scattered across different countries and business areas.