Hewlett-Packard to Shed More Jobs

16,000 jobs could be cut after 11th consecutive quarterly decline

Hewlett-Packard says it is cutting another11,000 to 16,000 jobs, above a target of 34,000 the company outlined in a multi-year restructuring plan in May 2012.

The company said in a release that the increased cuts come ``as HP continues to reengineer the workforce to be more competitive and meet its objectives.''

The company also reported that net income in the second quarter to April 30 rose 18 per cent to $1.27 billion, or 66 cents per share.

Excluding certain items, adjusted earnings were 88 cents per share, meeting the expectation of analysts polled by FactSet.

Revenue fell 1 per cent to $27.31 billion, below the $27.43 billion analysts expected.

The quarterly results were unexpectedly released early before markets closed. HP's stock dropped 74 cents, or 2.3 per cent, to close at $31.78.

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  1. J. S. CEO posted on 05/23/2014 12:29 AM
    The more temp jobs, the greater the unemployment , the less I have to pay in wages and salaries and the greater the HR pool to choose from. Therefore the higher the bottom line, and the BIGGER MY BONUS. Its a ceo's dream come true. Hell with the middle class, My dream is to push them all as far down the social economic ladder as possible. Get it though your thick skulls, the age of pharaohs and slaves is among us once again. It does not matter who you vote for, in the end , we, the ruling class will get our way. We have accomplished the demise of your unions, of your family life and decimated your children's future with our mass media and entertainment machines. We will continue to dumb you all down and bring your expectations down to the lowest common denominator. Hell, Even your own prime minister is on our side outsourcing more jobs to us; more business, more bonuses ;-). You see, when times get tough, we shed you all like lice off on backs, we as management will always protect our own interests. Its our club , and you'll never be in it. I don't get paid a seven digit salary and bonus for being generous to the mass populous, I get it through enslavement of you all. Now get back to work, I have a golf game to catch..
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