HP Extends Job Cuts
The Palo Alto, Calif.-based company will make the cuts through fiscal 2014, according to filing with the Securities and Exchange Commission.
HP expects to record restructuring charges of around $3.7 billion through the end of the company's fiscal 2014. Of that amount, around $3.3 billion relates to the work force reductions and a voluntary enhanced early retirement program for U.S. employees, and around $400 million is related to items such as data center and real estate consolidation.
In May, HP announced plans to cut 27,000 jobs, 8% of its total work force as CEO Meg Whitman attempts to turn the tech giant's fortunes around. Last month, HP also made a series of personnel changes in its underperforming Enterprise Services (ES) division.
Shares of HP, which recently missed Wall Street's third-quarter revenue forecast and lowered its fiscal 2012 guidance, slipped 0.23% to $17.38 before market open on Monday.
--Written by James Rogers in New York.
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