HP Increases Total Layoffs by Another 5,000
December 31, 2013 10:11 AM
It has already cut 24,600 employees as of October 2013
Hewlett-Packard has increased its layoff count by another 5,000, bringing the grand total to 34,000.
According to a new report from
, HP plans to cut 34,000 employees total by October 2014. As of October 2013, HP had already completed 24,600 of this total, leaving 9,400 left to go.
This is a boost from previous layoff projections. In May 2012, HP said it would only cut 27,000 employees. Then, in HP's last quarterly earnings reports filed with the U.S. Securities and Exchange Commission (SEC), it bumped that number up to 29,000.
Now, in the company's annual report filed this week, that number jumped another 5,000 to 34,000 total.
HP currently has about 331,800 employees.
HP said the extra cuts are "due to continued market and business pressures."
[SOURCE: ABC News]
While HP hasn't had the easiest of times with the decline of the PC industry and all, it did manage to surprise analysts recently with
a revenue boost in Q4
According to HP, its fourth quarter revenue for 2013 was $29.1 billion -- beating analyst forecasts of $27.9 billion. HP also maintained its full-year earnings forecast. The hike in revenue was due to growth in its enterprise group, which provides businesses with servers, storage and networking products. The company said
increased 2 percent in the fourth quarter compared to the year-ago quarter. It rose 12 percent compared with the third quarter.
The fact that the PC industry continues to decline in the wake of mobile device releases like smartphones, tablets and convertibles is just one reason analysts didn't have high expectations for HP's fourth quarter earnings. However, the company reported a smaller-than-expected drop in PC sales for the quarter.
HP CEO Meg Whitman said in October that the new game plan is "multiple
, multiple architectures and multiple form factors," adding that HP is "moving quickly to produce the devices that customers want."
"If you look at the last five years, if you look at what major innovations have occurred in computing technology, every single one of them came from AMD. Not a single innovation came from Intel." -- AMD CEO Hector Ruiz in 2007
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