The Office Times

HP to cut workforce by further 11,000

HP will reduce its  says its workforce by a further 11,000 to 16,000 in addition to the 34,000 the company outlined in a restructuring plan in May 2012.

The company said in a statement that the increased cuts come “as HP continues to reengineer the workforce to be more competitive and meet its objectives.”

HP said it had 317,500 workers at the end of October, when it was partway into its restructuring.

The company also reported that net income in the three-month period ending April 30 rose 18 per cent to $1.27 billion. Revenue fell 1 per cent to $27.31 billion, below the $27.43 billion analysts expected.

Personal computer sales rose 7 per cent to $8.2 billion as buoyant sales to businesses offset a slight consumer decline, while printing revenue fell 4 per cent to $5.8 billion.

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