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18/05/2012 - Reports: Hewlett-Packard to cut 30,000 jobs

More reports are surfacing that Hewlett-Packard Co. (NYSE: HPQ), which is in the midst of its latest restructuring, could cut as many as 30,000 jobs as it struggles to find equilibrium.

Meg Whitman


The Wall Street Journal and Bloomberg News, among other media outlets, have reported that sources familiar with the plans said HP CEO Meg Whitman, who in March indicated that cutting jobs could be part of her strategy to reorganize, is looking to reduce HP's 349,600 headcount by about 8 percent.

HP is slated to report its earnings Wednesday after market close.

Whitman, in March, combined the printer and PC group, tweaked the Enterprise business, and said that she couldn't promise there wouldn't be job cuts, as executives continued to try and determine the right course of action for the tech company.

She told employees at the time that, as she tried to determine a course for the company, "everything is on the table."

The company, for the first quarter of 2012, saw revenue slump nearly across the board. Year-over-year sales were down in three of its four major business groups. PC sales slumped 15 percent, printer unit revenue was down 7 percent, and its enterprise server/storage/network (EESN) sales fell 10 percent. The slowdown was widespread with all regions hit.

For Whitman, it was the first full quarter at the helm since replacing Leo Apotheker in September. She became the Palo Alto, Calif.-based company's eighth chief executive since 1999.

During the Q1 earnings call, Whitman said it was key that the company act to stop its revenue decline and to "gain share in every single market."

"I would hope that as we get through 2012, you'll see revenue decline flatten out and as we get into 2013 we'll start to grow," she said. "It depends on how fast we can get after some of these challenges in the business. A lot of this is in our own hands."

Still, she said, a turnaround for a company of the magnitude of HP could take years. "You'll see forward progress," she said at the time. "We've got a journey ahead of us."

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