Hewlett Packard Facing Tough Times

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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.

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slick2500 on May 28, 2012 12:48PM Thats nice of them to offer employees an early retirement package rather than just laying everyone off. reply to this

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