HP to axe thousands of jobs

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Up to 16,000 more workers at computer-maker Hewlett-Packard face job losses after the company posted one per cent drop in quarterly revenue.

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Reuters reports that HP has struggled to maintain its grip on the shrinking PC market while protecting profit margins. The latest fall in profits marked HP’s 11th consecutive quarterly sales decline.

The computing giant, which is in the middle of a restructuring program set up by CEO Meg Whitman, said that revenue was down 1% to $27.3bn (£16bn).

HP employs about 317,500 people across the globe. The forecast job cuts of between 11,000 and 16,000 workers comes on top of previously-announced plans to cut 34,000 jobs.

Whitman said in a statement that the company’s turnaround remained on track.

“We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete,” she said.

Stuart O’Connor