Hewlett-Packard to axe 6,400 posts as profits fall
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.
Discuss this in the Finance Markets forums
Story link: Hewlett-Packard to axe 6,400 posts as profits fall
Related financial stories to: Hewlett-Packard to axe 6,400 posts as profits fall:
- Dell hit by weak consumer demand, profits down 63%
- Slowing new home sales helps New York markets
- US job losses show shifts from manufacturing
- New York markets fall at midday
- Exxon posts 23% fall in Q4 profits
Next: Offset mortgages more popular as savings rates dwindle »
Visited 781 times, 2 so far today
No Comments »
No comments yet.
RSS feed for comments on this post.
Leave a comment
Tags: consumer, demand, fall, Hewlett-Packard, HP, job, losses, profits, weak
