Reuters: Technology News: HP to lay off about 27,000, eyes over $3 billion savings

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HP to lay off about 27,000, eyes over $3 billion savings May 23rd 2012, 20:28 Tweet Share this Email Print Factbox Factbox: Facebook's IPO: who gets rich? Thu, May 3 2012 Related News Dell results disappoint Street, shares dive Tue, May 22 2012 Flurry of arguments starts Gupta insider-trading trial Mon, May 21 2012 Analysis & Opinion Rajat Gupta and the hearsay rule Essential reading: HP loses Dutch tax shelter case, popular deductions on the block, and more Related Topics Tech » Hot Stocks » Asian Markets » HP logo is seen outside Hewlett-Packard Belgian headquarters in Diegem in this January 2010 file photo. Credit: Reuters/Thierry Roge By Poornima Gupta SAN FRANCISCO | Wed May 23, 2012 4:28pm EDT SAN FRANCISCO (Reuters) - Hewlett Packard Co outlined a plan on Wednesday to lay off roughly 27,000 employees or about 8 percent of its workforce to jumpstart growth. The layoffs, which will be mainly achieved through early retirement offers, will generate annual savings of $3 billion to $3.5 billion as it exits fiscal 2014, the company said. The world's No. 1 personal computer maker, which employs more than 300,000 people across the globe, also reported a 3 percent decline in quarterly revenue. The job cuts, savings from which would be reinvested in the company, are "necessary to improve execution and to fund the long term health of the company," Chief Executive Meg Whitman said in a statement. The company will take a pretax charge of $1.7 billion in fiscal 2012 because of the cost-cutting plan, it said. HP said net revenue in the fiscal second quarter fell to $30.7 billion. Analysts had predicted revenue of $29.92 billion on average, according to Thomson Reuters I/B/E/S. HP shares were up 6 percent at $22.35 after hours from a close of $21.08. (Reporting By Poornima Gupta; Editing by Bernard Orr) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (3) You know, if they'd just fire the guy who loads all of that crapware onto their PCs before they ship them out, I'd be ecstatic. May 23, 2012 4:22pm EDT  --  Report as abuse Bad leadership and business decisions at the top, result in no accountabiliy for the CEOs, but layoffs of those who labored more than 100 hours a week without overtime to enable HP to succeed for decades. A good lawyer should represent all the laid off Silicon Valley HP employees to seek illegally unpaid overtime over the years. Those hours were rendered with the understanding that this company took pride in a culture that would take employees for life, and as family. Without that false representation, the employees would never have rendered the overtime. Go sue HP, you guys. Find a good lawyer! May 23, 2012 4:22pm EDT  --  Report as abuse To jumpstart growth or merely make those at the top richer? Never mind, dumb question. May 23, 2012 4:34pm EDT  --  Report as abuse See All Comments » Add Your Comment

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