In 2012, HP Expected 27,000 Jobs Cut by 2014. Now 34,000.
Subject: General Tech | January 1, 2014 - 02:51 AM | Scott Michaud
HP has returned to profitability after its $12.7 billion hole that is otherwise known as Fiscal Year 2012. While this year was significantly better, netting $5.1 billion rather than losing it, the company is continuing the plan to reduce their number of employees. We reported on their intentions back in May 2012. At that time, the company reported that 27,000 would lose their jobs through 2014. That number has since grown, twice, reaching 34,000 by the end of the year.
HP attributes the increases to "continued market and business pressures".
There are two directions you could take this story: on the positive side, HP's stock has nearly doubled and they have basically nullified 2012 with the combined gains from 2011 and 2013; on the negative angle, they are cutting much more aggressively than predicted. Either way, the investors seem happy with the company's direction.
... and I am sorry for having this be the first story of 2014.
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