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Friday 11th of June 2010
May 20, 2009    

Hewlett-Packard to axe 6,400 posts as profits fall

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by Kay Murchie

Hewlett-Packard (HP), the world’s biggest maker of PCs and printers, has reported a fall of 17% in quarterly profit as a result of weak consumer demand.

In the three months to the end of April, HP said net profit totalled $1.7 billion (£1.1 billion) compared with $2.1 billion in the same period a year ago.

Meanwhile, the company said it will reduce headcount by 2% - or 6,400 jobs, as a result of a slump in sales for computers and printers. The company has cautioned that a fall in revenue is likely.

IBM recently reported that sales were returning to normal levels leading to hopes of a recovery in the technology sector.

However, it seems investor confidence has fallen again after shares in HP lost 5.1% in late trading yesterday.

The company’s headquarters are based in Palo Alto, California, and has a workforce of around 320,000.

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