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  (Source: Bloomberg)
The previous forecast was 27,000

Hewlett-Packard (HP) upped its number of job cuts to 29,000 globally -- 2,000 more than the computer maker previously forecasted.

Back in May, HP predicted that it would cut 27,000 jobs around the world in its new restructuring plan dubbed the "2012 Plan." Now, HP has adjusted that figure and plans to cut 29,000 jobs.

The latest figure was reported in HP's 10-Q quarterly filing with the U.S. Securities and Exchange Commission (SEC). HP plans on saving $3 to $3.5 billion by eliminating these jobs, which it will put toward Research and Development (R&D). As of July 2012, HP had already cut 3,800 jobs.

The filing noted that HP predicts charges of about $3.7 billion through the end of fiscal year 2014. About $3.3 billion of this will be the job cuts while another $400 million will be related to other areas like data center consolidation.

HP has had a pretty terrible time as of late. It had a terrible experience with former CEO Leo Apotheker, who was appointed in October 2010. Apotheker led the company to several missed financial goals and even tried to sell HP's core personal computer business.

HP then killed off its webOS mobile operating system and its TouchPad tablets last year due to overproduction, sloppy execution and slow hardware releases.

Just last month, HP suffered an $8.9 billion USD loss. However, analysts were impressed by the new restructuring plan by new CEO Meg Whitman.


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RE: Great comment
By retrospooty on 9/11/2012 10:06:03 AM , Rating: 2
Yes, it does sound more than a bit stupid of the analysts, but compared to HP's board of directors, they sound brilliant. Hiring idiot after idiot to run the show for years and years. They deserve what they get. Too bad so many have to lose their jobs because of it.


RE: Great comment
By Mitch101 on 9/11/2012 11:46:35 AM , Rating: 2
Cutting the board at the top would probably have saved those jobs but the fat at the top is thick. Dollar wise probably even.

Getting let go might not be a bad thing the ones they keep might go down with the sinking ship.


RE: Great comment
By Samus on 9/11/2012 1:51:16 PM , Rating: 2
When I read this yesterday I couldn't help but think to myself "what is Romney going to do to get jobs like this back?" and this morning I heard it on the radio.

He wants to give them tax incentives, all of which promote outsourcing. Sure, HP will be hiring again, just not here, and at the taxpayers expense. Brilliant!


RE: Great comment
By Ringold on 9/11/2012 2:33:49 PM , Rating: 2
That's a tricky issue; what tax credits specifically, and how do they encourage outsourcing versus investment in general?

Another point: Why does this country fixate on the menial labor assembly-line jobs of the 70s? Our own manufacturers have even moved on, evidence being that they can't find qualified labor emerging from universities, just a sea of liberal-arts majors and not enough 2 year technical grads.

And why should Romney care specifically about HP? HP's woes are largely down to dumb mistakes. Is the US going to outlaw idiots? Are we going to give up the whole charade of freedom and mandate IQ tests for anything above the menial labor jobs you pine for?

And final point: What's Obama going to do, another GM-job, toss them some money, unionize them, and take a huge ownership stake? That's what we need. Government-built computers. They'll sell like hotcakes.

Some companies die, others are born, others grow, and the economy does best when the government doesn't try to fixate on each and every occurrence like France does.


RE: Great comment
By Nfarce on 9/11/2012 3:00:32 PM , Rating: 2
quote:
Our own manufacturers have even moved on, evidence being that they can't find qualified labor emerging from universities, just a sea of liberal-arts majors and not enough 2 year technical grads.


All the graduates with useless degrees the colleges and universities are spitting out is a big problem I've seen up close: a relative owns a metal fabrication company and can't find enough skilled machinists to hire...at any price. I've heard similar stories about people in the plumbing and HVAC business as well. You can make a mighty fine living in a skilled trade (let alone the potential to own your own business and really rake it in).

quote:
What's Obama going to do, another GM-job, toss them some money, unionize them, and take a huge ownership stake? That's what we need. Government-built computers. They'll sell like hotcakes.


Yep. Because the Volt is such a huge success story with GM now losing $49k on every purchase. But hey, many people believe that the government should mandate what the market will be, not the demand or the consumer.


RE: Great comment
By Ringold on 9/11/2012 10:49:03 PM , Rating: 1
quote:
a relative owns a metal fabrication company and can't find enough skilled machinists to hire...at any price. I've heard similar stories about people in the plumbing and HVAC business as well. You can make a mighty fine living in a skilled trade (let alone the potential to own your own business and really rake it in).


I've seen that first hand too, until recently I worked closely with some construction companies. Welders, for whatever reason, are in seriously short supply around here too. I've seen job postings stay up for months, some manufacturers up north report vacancies lasting over a year before finding someone that can efficiently figure out and operate CNC machines and the like.

What's even more amazing is Democrats sticking their heads in the sand over it, absolutely refusing to hear it. It should be a change to leverage their support in the education sector to bring about reform to address the issue, so its a missed opportunity for them politically IMO by pretending it doesn't exist.

It's not likes it even hard to understand; has a photography major graduate probably ever, in their lives, been in that sort of production environment? Do they know what CNC stands for? Perhaps what SAP software is? Of course not!


"Spreading the rumors, it's very easy because the people who write about Apple want that story, and you can claim its credible because you spoke to someone at Apple." -- Investment guru Jim Cramer














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