HP to lay off 27,000, Profit slides 31 percent & Save up to $3.5 billion annually

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Hewlett Packard Co plans to lay off roughly 27,000 employees or about 8 per cent of its workforce over the next couple of years to jumpstart growth and save up to $3.5 billion annually, sending its shares 11 percent higher.

The company said the layoffs would be made mainly through early retirement and would generate annual savings of $3 billion to $3.5 billion as it exits fiscal year 2014, when the layoffs are expected to the completed.

The world’s No. 1 personal computer maker, which employs more than 300,000 people globally, also said on Wednesday that it had a 31 percent decline in second-quarter profit and a 3 per cent decline in revenue, compared with a year ago.

Source : IBN Live

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