http://www.straitstimes.com/Breaking+News/Money/Story/STIStory_379210.html
HP to lay off 6,400
The world's largest manufacturer of personal computers said net profit fell 17 per cent in the quarter which ended April 30 to 1.7 billion dollars. -- ST PHOTO: TAN SUAN ANN
SAN FRANCISCO - HEWLETT-PACKARD Co's quarterly profit dropped 17 per cent on lighter sales in two key areas, personal computers and printer ink, in a sign that the woes in consumer technology spending have dragged on beyond the miserable holiday season.
The company also said an additional 6,400 workers, or 2 per cent of HP's 321,000-employee work force, will lose their jobs over the next year.
GRIM OUTLOOK
Palo Alto, California-based HP said it earned US$1.72 billion, or 70 cents per share.
Excluding restructuring and other one-time charges, HP earned 86 cents per share.
... more
The cuts will be on top of the 24,600 jobs HP was already dumping as part of its acquisition of Electronic Data Systems, a technology services provider HP bought for US$13.9 billion (S$20.4 billion) last year to mount a bigger challenge to IBM Corp.
The new cuts will come from HP's product businesses. HP, whose products include PCs, printers, computer servers, ink and toner cartridges, did not provide more details.
HP's results, reported on Tuesday after the market closed, muddies the picture of whether technology spending has fallen as far as it's going to in this recession. HP's outlook was not optimistic, and its shares fell in extended trading.
HP's chief financial officer, Cathie Lesjak, said in an interview that it's still 'too tough to call' whether PC sales have hit a bottom.
That differs from what one of HP's major suppliers, Intel Corp, said last month. Intel's chief executive, Paul Otellini, said PC sales had 'bottomed out' during the first three months of the year and appeared to be returning to normal patterns.
HP is the world's No. 1 seller of PCs, while Intel is the world's biggest supplier of microprocessors, the calculating engines of PCs.
HP to lay off 6,400
The world's largest manufacturer of personal computers said net profit fell 17 per cent in the quarter which ended April 30 to 1.7 billion dollars. -- ST PHOTO: TAN SUAN ANN
SAN FRANCISCO - HEWLETT-PACKARD Co's quarterly profit dropped 17 per cent on lighter sales in two key areas, personal computers and printer ink, in a sign that the woes in consumer technology spending have dragged on beyond the miserable holiday season.
The company also said an additional 6,400 workers, or 2 per cent of HP's 321,000-employee work force, will lose their jobs over the next year.
GRIM OUTLOOK
Palo Alto, California-based HP said it earned US$1.72 billion, or 70 cents per share.
Excluding restructuring and other one-time charges, HP earned 86 cents per share.
... more
The cuts will be on top of the 24,600 jobs HP was already dumping as part of its acquisition of Electronic Data Systems, a technology services provider HP bought for US$13.9 billion (S$20.4 billion) last year to mount a bigger challenge to IBM Corp.
The new cuts will come from HP's product businesses. HP, whose products include PCs, printers, computer servers, ink and toner cartridges, did not provide more details.
HP's results, reported on Tuesday after the market closed, muddies the picture of whether technology spending has fallen as far as it's going to in this recession. HP's outlook was not optimistic, and its shares fell in extended trading.
HP's chief financial officer, Cathie Lesjak, said in an interview that it's still 'too tough to call' whether PC sales have hit a bottom.
That differs from what one of HP's major suppliers, Intel Corp, said last month. Intel's chief executive, Paul Otellini, said PC sales had 'bottomed out' during the first three months of the year and appeared to be returning to normal patterns.
HP is the world's No. 1 seller of PCs, while Intel is the world's biggest supplier of microprocessors, the calculating engines of PCs.
