Tech giant HP to lay off 16,000 workers

New York – Technology giant Hewlett-Packard (HP) released an 18 per cent rise in profits to $1.3b during the second quarter of 2013, the firm announced in a statement. But the firm said despite rising profits, it plans to lay off an additional 11,000 to 16,000 workers. HP had previously announced it would cut 34,000 jobs as part of a restructuring announced in 2012. Shares in HP fell after the early release of the news. “I’m pleased to report that HP’s turnaround remains on track,” said chief executive Meg Whitman in the statement. “We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company.” However, analysts were disappointed by the firm’s revenue growth, which fell 1 per cent from the same period a year ago to $27.3b. HP has been hit hard by declining PC sales as consumers shift towards devices such as tablets and smartphones. Whitman has tried to shift the firm’s focus to computing equipment and networking gear for business clients.

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Tech giant HP to lay off 16,000 workers