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 ...
Summer of Recovery III (or is it IV? I’ve lost count).
How is that change coming along for you?
It’s an enormous hint that the economy has yet to show real recovery.
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.
Newsflash! “Evil Republican CEO’s at HP trying to hurt Obama’s job numbers.. Film at 11.”
That dang Whitman is a republican! g rrrrr! /sarc
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.
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.
Meanwhile, the clown prince of Bill Ayers is off for another fund raiser in Colorado.
Are you kidding?!? These folks will be able to get on unemployment which, everybody knows, stimulates the economy!
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).
Are the positions being moved to India? I hope the portion of HP that used to be EDS completely falls apart.
Pelosi said it, it muct be true.
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.
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 .
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.
Summer of Recovery III (or is it IV? Ive lost count).
IV
If re-elected, Obama will go to the old Soviet “Five Year Plans”.
“Never again .”
I also will not buy HP printers. Anything HP is against my religion. :)
Hope all 27,000 are foreign employees but know that they’ll be U.S.
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