Hewlett Packard Enterprise Becomes the Latest Tech Titan to Slash Jobs

Hewlett Packard Enterprises (HPE) is readying to cut 10% of its workforce, roughly 5,000 employees, in a move to cut costs in a crowding technology solutions market. The cuts will commence before the year's end, affect workers both domestically and internationally, and impact all levels of HPE employees, including managers at the 50,000-person company.  

Shares of HPE were climbing higher nearly 1% in late-morning trading on Friday.

The company has become the latest tech titan to announce significant restructuring, joining many of its counterparts in the industry having to re-examine business models to cope with its changing landscape. 

Despite the cuts encompassing the sector, the Technology Select Sector SPDR Fund (XLK) , the ETF tracking the tech industry, has jumped over 20% year-to-date. 

Here is who else in tech has been cutting their head count.

Microsoft
Microsoft

Microsoft (MSFT) said in July that it would lay off "thousands" of members of its global salesforce soon as it refocuses on sales of cloud software.

Intel
Intel

In April 2016, Intel Corp. (INTC) laid off 12,000 employees - 11% of its workforce - as it switched its focus from selling PCs to cloud computing and the internet of things. Intel said the layoffs would save the company $750 million in 2016, and $1.4 billion per year after that.

Cisco
Cisco

In May, Cisco Systems Inc. (CSCO) announced that it would lay off 1,100 people in addition to the 5,500 people, which accounted for 7% of its employees, it said it was letting go in August 2016. The company said it was expecting fourth-quarter revenue to fall 4% to 6%.

Cisco is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells CSCO? Learn more now.

IBM
IBM

IBM (IBM) instituted a cut of 5,000 employees in March 2016, after four years of declining revenues. The company laid off more employees in May 2016, but that amount was undisclosed, according to Fortune.

Ericsson
Ericsson

In June 2016, Bloomberg reported LM Ericsson Telephone Co. (ERIC) was planning to lay off 3,000 to 4,000 employees over that summer but that the number could reach up to 25,000, about 20% of its workforce, over time. The cuts came in the midst of increased competition and decreasing sales.

HP
HP

HP Inc. (HPQ) announced in October that it was planning to lay off 3,000 to 4,000 people over three years, approximately 6% of its employees, according to an SEC filing. The company expects the plan will save $200 to $300 million per year beginning in 2020.

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