Published On: Thu, Jan 2nd, 2014

Hewlett-Packard says 5,000 more job cuts needed

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Corporate News (Pakistan News) Hewlett

Corporate News (Pakistan News)

The US computer giant Hewlett-Packard which is in hot water these days has decided to increase the elimination of jobs by 5000. The company will now eliminate 34000 positions by the end of this fiscal year. These problems are a result of the technological shift from PCs to mobile devices. However the Company attributed these job cuts to “continued market and business pressures.”

That will add 15 per cent to HP’s one-time costs for the move, resulting in total charges of $4.1 billion, HP said in the document.

HP posted a profit of $5.1 billion on revenue of $112.3 billion in the fiscal year that ended October 31, compared to a $12.7 billion loss the prior year on revenue of $120.4 billion.

Under the leadership of Chief Executive, Meg Whitman, HP is trying its best to counter the effect of the popularity of smart phones and regain its market share in the industry.

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