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HP Expands Job Cuts To 29,000

 
 
 
 
 
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Hewlett-Packard (HP) is planning to cut 2,000 more jobs, expanding total job cuts to nearly 29,000 in its latest reorganization efforts, the company said in a document Monday.

In a regular filing with the U.S. Securities and Exchange Commission, the world’s largest personal computer maker said it expects to “eliminate approximately 29,000 positions in connection with the 2012 Plan through fiscal year 2014.”

HP said as of the end of July, the company has shed 3,800 jobs.

In May, HP said it would cut 27,000 jobs, around 8 percent of its global workforce, and the cuts will spread over the next two years till the end of its fiscal year 2014. The company estimated 3 billion U.S. dollars to 3.5 billion U.S. dollars would be saved from the restructuring and said the money would be invested in research and development.

HP has not kept up with its rivals in recent year in key areas like mobile computing. According to data from research firm IDC, in the second quarter of 2012, HP remained world’s largest personal computer maker with a market share of 15.5 percent but saw shipments decline significantly across regions.

Also on Monday, HP introduced a series of updated and new all- in-one desktop personal computers. Many of the new products have touch screens, enabling users to scroll, swipe and tap through Microsoft Windows 8’s tablet-like interface.

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