Hewlett-Packard Co., the world’s largest PC maker, announced today that it will cut 27,000 people or 8 percent of its workforce.
The jobs cuts will occur over the next two year ending in October 2014. The company said the layoffs will save over $3 billion.
“These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business,” said Meg Whitman, HP president and chief executive officer, in a statement. “While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company. We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders.”
The Palo Alto company also reported second quarter earnings of $1.59 billion, or 80 cents a share. That’s down from last year’s $2.3 billion, or $1.05 a share, according to the L.A. Times.
