HP Increases Job Cut Forecasts to 29,000
September 11, 2012 2:40 AM
comment(s) - last by
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.
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
9/11/2012 10:14:06 AM
You do realize they bought EDS for nearly $14 billion dollars that year, right? That is the major reason for the major loss. Which means they still made nearly $5 billion in profit (-14 + 5 = -9) if they wouldn't have bought EDS.
RE: Great comment
9/11/2012 10:45:57 PM
And when I buy a camera worth $3000 for my profession, it's not really a "loss", right? The camera that I just bought and walked out of the store is not instantly worth $0. It's still worth, in my mind (and I'm the accountant), $3000. It's not like I took $3000 to Las Vegas and blew it all on craps. That purchase was probably not counted as "loss" by any means.
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