HP Increases Job Cut Forecasts to 29,000
September 11, 2012 2:40 AM
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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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HP is going dead
9/12/2012 3:21:37 PM
Stupidest thing HP ever did was get rid of Mark Hurd, They get rid of a guy that more then doubles the companies stock price since he came on-board it was under 20 a share and when they ousted him it was around 45 a share.
Now its back to under 20 a share. They out a guy for having a corporate lunch date lol he makes you 10 billion+ dollars and they quibble over a few hundred dollar lunch date haha, stupidity at its finest hour.
If I had a company and someone made me 10+ billion id give the guy an entire harem to date 24-7 if he wanted it lol.
Who cares about personal expense when its low $ level in the few thousands to a guy making you billions, someone has their heads screwed wrong.
"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA
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