Hewlett Packard Facing Tough TimesCategory: General News
Posted: May 27, 2012 02:28PM
As part of its earnings report for the second quarter of this year, Hewlett Packard had a pair of negative announcements. The first is that profit dropped 31% to $1.6 billion on revenue of $30.7 billion. The second announcement deals with how HP plans to reverse its fortunes in the coming years. The company will remove 27,000 employees from the workforce by the end of 2014, which amounts to about 8% of its total employees. HP will be offering an "early retirement" package for employees who don't want to be "let go involuntarily." By reducing the number of employees, HP hopes to save upwards of $3 billion per year.