Hewlett-Packard announced a restructuring plan which provides for the dismissal of 27.000 employees (equal to 8% of the workforce) by the end of the 2014 fiscal year. The US IT multinational thus expects to save between 3 and 3,5 billion dollars. “The plan will serve to further organize the activities,” said the managing director, Meg Whitman.
Meanwhile, in the fiscal second quarter, the company recorded a 31% drop in profit following flat sales in the personal computer division and a decline in revenue in the printers division, down 10%.
Profits were $1,59 billion (80 cents per share) down sharply from the $2,3 billion ($1,05 per share) posted in the same period last year. In February, the company had forecast earnings of between 88 and 91 cents a share, below expert estimates.
Turnover dropped by 3%, at $30,69 billion, above the $29,92 billion expected. The operating margin instead dropped from 9,4 to 7,2%. For the third quarter, however, HP expects earnings between 94 and 97 cents per share.
