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Hewlett-Packard To Lay Off 27,000 Employees; 2Q Profit Down 31%
The Wall Street Journal ^

Posted on 05/23/2012 2:05:15 PM PDT by matt04

Hewlett-Packard Co. (HPQ) unveiled plans to lay off 27,000 employees as the technology giant also reported its fiscal second-quarter earnings slumped 31% amid relatively flat revenue in its personal computer business and lower sales in its printing segment.

However, shares were up 7% at $22.46 in recent after-hours trading as earnings beat the company's expectations and as the company raised its full-year view.

The company said it plans to lay off about 8% of its workforce by the end of fiscal 2014. Its restructuring plans are expected to generate annualized savings of between $3 billion and $3.5 billion by 2014, most of which will be reinvested back into the company. It plans to use the savings to boost investment in cloud, big data and security.

"These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business," said Chief Executive Meg Whitman in a statement. "While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company."

(Excerpt) Read more at online.wsj.com ...


TOPICS: Breaking News; Business/Economy; Culture/Society
KEYWORDS: 2012; bhoeconomy; economy; hewlettpackard; hp; hplayoffs; layoffs; unemployment; whitman
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Unexpectedly!
1 posted on 05/23/2012 2:05:24 PM PDT by matt04
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To: matt04

Summer of Recovery III (or is it IV? I’ve lost count).


2 posted on 05/23/2012 2:09:42 PM PDT by Charles Martel (Endeavor to persevere...)
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To: matt04

How is that change coming along for you?


3 posted on 05/23/2012 2:10:49 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: matt04

It’s an enormous hint that the economy has yet to show real recovery.


4 posted on 05/23/2012 2:11:49 PM PDT by pepsionice
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To: matt04

HP laid a huge egg with their attempt at a tablet using their own OS instead of Android 4. That was as bad a debacle as the RIMM tablet. Let me add from personal experience HP Laptops are crap. One died because the motherboard “melted”, a common problem with the model I had, and the other one I owe works but you can hear the cooling fan reeving up all the time.


5 posted on 05/23/2012 2:12:14 PM PDT by C19fan
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To: matt04

Newsflash! “Evil Republican CEO’s at HP trying to hurt Obama’s job numbers.. Film at 11.”


6 posted on 05/23/2012 2:18:46 PM PDT by GeorgeWashingtonsGhost
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To: matt04

That dang Whitman is a republican! g rrrrr! /sarc


7 posted on 05/23/2012 2:19:06 PM PDT by Terry Mross ("It happened. And we let it happen." Peter Griffin - FAMILY GUY)
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To: matt04

Its all good Obama will say tomorrow that he created another 30,000 jobs out of thin air to account for this staggering loss. Something about shovels and such.


8 posted on 05/23/2012 2:19:49 PM PDT by 3rdcoastislander
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To: C19fan
HP laid a huge egg with their attempt at a tablet using their own OS instead of Android 4.

They may have laid an even bigger egg by flushing their tablet inventory at sub-$200 prices, and playing stop and go with their PC business. I still can't figure out what the last chairman (Apotheker) was thinking.

9 posted on 05/23/2012 2:20:34 PM PDT by Pearls Before Swine
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To: matt04
Good thing Idi Obama has created so many new jobs, his ad says over 4 million new jobs since The Stimulus, otherwise these folks would have no where to look for employment.

Meanwhile, the clown prince of Bill Ayers is off for another fund raiser in Colorado.

10 posted on 05/23/2012 2:21:04 PM PDT by N. Theknow (Kennedys=Can't drive, can't ski, can't fly, can't skipper a boat, but they know what's best for you.)
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To: pepsionice
It’s an enormous hint that the economy has yet to show real recovery.

Are you kidding?!? These folks will be able to get on unemployment which, everybody knows, stimulates the economy!

11 posted on 05/23/2012 2:22:09 PM PDT by houeto (FReepathon 2Q! https://secure.freerepublic.com/donate/)
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To: matt04

As someone who has to deal with their application support at work, I’m not surprised. They’re horrible. Try to open a ticket with them, and the response that you get is from someone in Mexico who has difficulty understanding and expressing themselves in English. A lot of time is wasted trying to clarify what they’re telling you. And the end result is no resolution at all, just a suggestion to upgrade to the next version (which may or may NOT help the issue, but also has new ones of its own that make the situation worse).


12 posted on 05/23/2012 2:23:11 PM PDT by BlessedBeGod
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To: houeto

Are the positions being moved to India? I hope the portion of HP that used to be EDS completely falls apart.


13 posted on 05/23/2012 2:24:24 PM PDT by Taylor42
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To: houeto
These folks will be able to get on unemployment which, everybody knows, stimulates the economy!

Pelosi said it, it muct be true.

14 posted on 05/23/2012 2:25:31 PM PDT by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: matt04

Chief Executive Meg Whitman: “While some of these actions are difficult because they involve the loss of jobs, they are necessary”.

Ms. Whitman went on to say those losing their jobs will be replaced by illegal aliens, in an effort to maintain productivity and the bottom line.


15 posted on 05/23/2012 2:26:50 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: C19fan

Desktops no better . Trouble from Day 1 . Sent back to Tokyo for 3 major repairs ( within the first year ) and they would not replace the computer . Working okay now but I’ve had to disenable the touchscreen , wireless mouse , and a few other things in order to have stability . Never again .


16 posted on 05/23/2012 2:29:32 PM PDT by sushiman
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To: C19fan
HP laid a huge egg with their attempt at a tablet using their own OS instead of Android 4.

I don't think it's so much that they used their own OS, as they used an OS that did not include many of the basic functions that Android and Apple users take for granted. Putting out hardware based on a feature-starved OS that was essentially crippleware was not a smart move.

That was as bad a debacle as the RIMM tablet. Let me add from personal experience HP Laptops are crap. One died because the motherboard “melted”, a common problem with the model I had, and the other one I owe works but you can hear the cooling fan reeving up all the time.

I've had terrible experiences with HP desktops and laptops alike. One laptop used an Nvidia chip that needed to be compressed with several heat-resistant faucet washers sandwiched between the keyboard cover and the motherboard in order for the chip to make contact with the motherboard - a post-warranty repair dreamed up by some enterprising end user. This was supposedly a business class laptop.

17 posted on 05/23/2012 2:32:40 PM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: Charles Martel

Summer of Recovery III (or is it IV? I’ve lost count).


IV

If re-elected, Obama will go to the old Soviet “Five Year Plans”.


18 posted on 05/23/2012 2:36:25 PM PDT by unkus (Silence Is Consent)
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To: sushiman

“Never again .”

I also will not buy HP printers. Anything HP is against my religion. :)


19 posted on 05/23/2012 2:36:35 PM PDT by GGpaX4DumpedTea
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To: matt04

Hope all 27,000 are foreign employees but know that they’ll be U.S.


20 posted on 05/23/2012 2:39:03 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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