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HP says 5 000 more job cuts needed

02 January 2014, 14:30

New York - Struggling US computer giant Hewlett-Packard plans to slash 5 000 more jobs than previously announced because of a difficult business environment, a regulatory filing shows.

HP will eliminate 34 000 positions by the end of its fiscal year next October, up from an earlier estimate of 29 000, said a document dated Monday and filed with the Securities and Exchange Commission.

The California-based firm, one of the biggest makers of personal computers, is in the midst of a multi-year restructuring to cope with the shift away from PCs to mobile devices.

The company said the increased job cuts were "due to continued market and business pressures".

That will add 15% to HP's one-time costs for the move, resulting in total charges of $4.1bn, HP said in the document.

HP posted a profit of $5.1bn on revenue of $112.3bn in the fiscal year that ended on 31 October, compared to a $12.7bn loss the prior year on revenue of $120.4bn.

Under chief executive Meg Whitman, HP has shaken up its executive leadership team as part of an effort to regain its footing on a computing landscape being transformed by the popularity of smartphones and tablets.



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