HP to cut another 11,000 to 16,000 jobs

Due to continued disappointing results, HP plans to cut another 11,000 to 16,000 jobs. The cut in the workforce comes on top of the previous 34,000 job cut at the US tech giant.

The layoffs are part of a major reorganization initiated in 2012 by CEO Meg Whitman, which the company says should “simplify, promote innovation, reduce costs and improve results.” HP announced a major layoff of 27,000 jobs in 2012, followed by a further 2,000 job cuts in the same year. At the end of 2013, the loss of 5000 jobs was reported.

If the maximum job cut of 16,000 continues, this means that 50,000 HP workstations will be cut in two years. HP employed more than 300,000 people. Earlier, CEO Whitman said no more major layoffs would be announced. “The company’s reversal is on track,” she said nonetheless when announcing the latest quarterly results on Thursday.

HP’s revenue came in at $27.3 billion, down 1 percent from a year earlier. The quarterly profit was $1.27 billion, compared to $1.4 billion a year earlier. Business PC sales rose 12 percent, while consumer PC sales fell 2 percent. In terms of numbers, sales of desktops grew 10 percent and laptop sales rose 6 percent. The revenue of the Printing, Enterprise and Enterprise Services divisions decreased by 4.2 and 7 percent respectively, according to the quarterly figures.