This Is Why Hewlett-Packard Is Firing 58,000

Zero Hedge ^ | 02/25/2015 | Tyler Durden

[SeekAndFind]

The biggest scandal in today's release of Hewlett Packard Q1 earnings was not that, just as the Nasdaq is knocking on 5000's door, it reported revenues of $26.8 billion missing consensus expectations of $27.3 billion, while beating non-GAAP EPS by 1 cent to $0.92 (up from $0.90 a year ago) entirely due to a massive reduction in outstanding stock and some truly gargantuan non-GAAP addbacks (GAAP EPS declined from $0.74 a year ago to $0.73) pushing the stock down 7% after hours.

The biggest scandal was the company announced that having cut 44,000 workers so far, it will cut 58,000 jobs by the end of 2015. From Bloomberg:

• HP SAYS HAS CUT 44,000 JOBS TO DATE
• HP SAYS EXPECTS TO CUT 58,000 JOBS BY END OF FISCAL 2015

Incidentally, just 10 years ago Hewlett Packard employed a total of 58,000 people in the entire US.

So why is the company axing 58 thousand workers? Simple: so it can cut enough costs on top and continue to fund its now exponential surge in stock buybacks, which in the just concluded quarter was a record $1.6 billion, an increase of 178% from a year ago, and 66% more than the company spent on CapEx, in the process making its shareholders even richer while its management team get massive equity-linked bonuses.

Rinse. Repeat.

[Gaffer]

Well, good luck brother. This planet needs adventurers and idealists willing to trace similar paths like Jordan (Hemmingway’s FWTBT account). I sympathize. Sometimes I feel like I was born 100 years too late.

[molson209]

This Is Why Hewlett-Packard Is Firing 58,000

Sorry, I just bought a Asus desktop computer

[Jonah Johansen]

Can summon please post an actual link to the HP 58,000 more layoffs in 2015.
As far as I can see Zero Hedge is the only one claiming this. All other report link to them, I can not find this number reported anywhere else.

[tbpiper]

Yeah, along with Polaroid.

Polaroid? Isn't that what northern bears get when they don't get enough fiber in their diets? (note to bears: eat the hikers and their tent.)

[WhiskeyX]

Don’t forget Graflex....

[nascarnation]

This shows a decline from 349k to 302k from 2011 to end of 2014. Not sure about 2015 stats.

http://www.statista.com/statistics/264922/number-of-employees-at-hewlett-packard-since-2001/

[BipolarBob]

It looks like it might go the way of Kodak..remember them?

Wasn't he that lollypop sucking bald detective?

[Bogey78O]

So, gut their American operations, loot what they can, then become a foreign company employing a few token Americans for consulting work.

Nobody wants to be the last man left in a ghost town.

[baltimorepoet]

Well, good luck brother. This planet needs adventurers and idealists willing to trace similar paths like Jordan (Hemmingway’s FWTBT account). I sympathize. Sometimes I feel like I was born 100 years too late.

I got my new passport in the mail this week (my old one was going to expire April 2015). The only annoying concept is going over there and just getting handing a uniform and crappy rifle...

I'd rather find a way to go over there with 3 of my rifles (semi-auto .308 DMR, AR15, etc) and equipment (Russian PSO & Kobra sights, etc) and actually have a chance at surviving 3 or more years of combat.

The possible ways in would be from southern Turkey, Jordan or Northern Iraq (Suleyman Airport).

[RedMDer]

Only Four days to go until March!


FReepers, Let's GIT_R_DONE!

[a fool in paradise]

Is this a Kodak Brownie?

[Gaffer]

Don’t do anything illegal in this country.

[a fool in paradise]

http://www.businessinsider.com/hp-cfo-more-layoffs-2015-2

HP CFO indicates more layoffs after it finishes cutting 55,000 people
Julie Bort
Feb. 24, 2015, 8:09 PM

[Cboldt]

58,000 total, not additional 58,000.

[Jeff Chandler]

This is because HP is getting out of the hardware business as much as possible

Yet they are aggressively marketing a recently developed Windows-based alternative to Chromebooks, HP Stream.

[a fool in paradise]

According to the business insider article I posted, they cut their numbers by 2800 in the first quarter (so they are roughly 300,000 now).

Don’t know what the tally is with foreign or domestic contractors. When I looked at contracting there, they were trying to get by $14-18 an hour maybe topping out at $22 an hour.

[baltimorepoet]

Don’t do anything illegal in this country

As I understand it, the State department would PREFER than Americans don't go overseas to fight against ISIS (probably because they don't want someone getting captured and becoming the next ISIS video), but there is no law prohibiting Americans from fighting AGAINST terrorists, as long as they don't join a terrorist group.

I am considering either the Kurds, the Assyrian Christians, or one of the vetted FSA groups.

[AllAmericanGirl44]

You sound delusional.

[citizen]

....is gonna get a Fake White Indian elected as your next POTUS.

Update: With the eight feet of snow they have gotten in the CW of Mass, Pocahontas is now claiming to be Eskimo.

[DonaldC]

“The biggest scandal was the company announced that having cut 44,000 workers so far, it will cut 58,000 jobs by the end of 2015. From Bloomberg:”

My understanding from the call yesterday was that hp has cut 44,000 since 2012 and will cut until the number has reached that higher number, so a delta of 14,000 to go, not an additional 58,000. Anybody know different?