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HP Says Huge Layoff Numbers Are Coming

May 22, 2014 - News

**Editor's Note: Click here for a recap of layoffs impacting some of the biggest names doing business in the indirect channel.**

HP’s restructuring plan is going to cost more jobs – thousands more.

The tech company said on Thursday it will axe another 11,000-16,000 positions. If the higher numbers are reached, that will mean 50,000 people will have lost their jobs within HP since CEO Meg Whitman started enforcing a turnaround in May 2012.

HP had to do something after people started spending less money on expensive PCs and printers, and after HP bought two companies – Compaq and Autonomy – in deals that analysts and other observers tend to agree were overpriced, bloated and wasteful.

HP’s latest layoffs news came after the company reported revenue that fell short of Wall Street estimates. HP revenue for the fiscal second quarter, ended April 30, totaled $27.3 billion; investors were counting on $27.41 billion. It was the 11th consecutive quarter of decline for HP.

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