This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

HP Extends Job Cuts

NEW YORK ( TheStreet) -- HP (HPQ - Get Report) expects to cut 29,000 jobs as part of the tech giant's wide-ranging restructuring plan, 2,000 more than its prior forecast, the company revealed on Monday,

The Palo Alto, Calif.-based company will make the cuts through fiscal 2014, according to a filing with the Securities and Exchange Commission.

HP expects to record restructuring charges of around $3.7 billion through the end of the company's fiscal 2014. Of that amount, around $3.3 billion relates to the work force reductions and a voluntary enhanced early retirement program for U.S. employees, and around $400 million is related to items such as data center and real estate consolidation.

In May, HP announced plans to cut 27,000 jobs, 8% of its total work force as CEO Meg Whitman attempts to turn the tech giant's fortunes around. Last month, HP also made a series of personnel changes in its underperforming Enterprise Services (ES) division.

Shares of HP, which recently missed Wall Street's third-quarter revenue forecast and lowered its fiscal 2012 guidance, slipped 0.23% to $17.38 before market open on Monday.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
HPQ $33.80 0.00%
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%
TSLA $226.03 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs