Tag Archives: job cuts

HP cuts 27,000 jobs, profit tumbles 31 percent in Q2

Posted on by

Meg Whitman and Todd Bradley in Shanghai

Looks like rumors of major cost-cutting measures at HP are true: the company along with its fiscal Q2 results has just outlined plans to slash 27,000 jobs by the end of its fiscal 2014. The drop, or about eight percent of its workforce, is being offered an "early retirement" if it doesn't want to wait to be let go involuntarily. The move is intended to streamline HP's operations and save between $3 billion to $3.5 billion a year by the time the cuts are done. As for the results themselves, they explain all too clearly why the cuts are inbound: HP 's profit dropped a massive 31 percent to $1.6 billion, and its revenue dropped three points to $30.7 billion. CEO Meg Whitman touted the results as exceeding an earlier glum outlook, but with the enterprise, printer and services groups all dragging the company down, it's clear that HP is in the same boat as a struggling Dell.

Continue reading HP cuts 27,000 jobs, profit tumbles 31 percent in Q2

HP cuts 27,000 jobs, profit tumbles 31 percent in Q2 originally appeared on Engadget on Wed, 23 May 2012 16:22:00 EDT. Please see our terms for use of feeds.

Permalink   |   | Email this | Comments

HP will reportedly announce restructuring plan next week, up to 30,000 job cuts

Posted on by

It looks like HP could be in store for another wave of big changes. According to a pair of reports out today (backing up a report from Business Insider yesterday), HP CEO Meg Whitman will announce a new restructuring plan on the company's earnings call next Wednesday -- a plan that will entail some significant job cuts. Bloomberg pegs those cuts in the neighborhood of 25,000, while All Things D says they could include as many as 30,000 jobs, noting also that the number is still a "moving target." To put that in perspective, the company currently employs some 320,000 people worldwide. Of those cuts, 10 to 15,000 are said to come from HP's enterprise services group, and the company is also said to be offering early retirement packages to some 5,000 employees. That restructuring plan will apparently include more than just job cuts, though, with Whitman said to be pushing a "cut and reinvest" approach that will apply across the company, according to ATD.

HP will reportedly announce restructuring plan next week, up to 30,000 job cuts originally appeared on Engadget on Thu, 17 May 2012 15:01:00 EDT. Please see our terms for use of feeds.

Permalink   |  sourceAll Things D, Bloomberg  | Email this | Comments

ST-Ericsson to pass off application processor business to STM, cut 1,700 jobs

Posted on by

ST-Ericsson to pass off application processor business to STM, cut 1,700 jobsIt's not every day that ST-Ericsson crosses our radar twice, but in addition to reportedly signing a deal with HTC for developing low-end handset chips, the company just announced its plans for a turnaround. The message? A heavier focus on SoCs for smartphones and tablets, along with a push for even more partnerships to develop those products. While that all sounds rosy, ST-Ericsson is also ceding its application processor business -- employees, R&D and all -- to STMicroelectronics. All told, between the loss of its application processor business and other reshuffling, the company expects to shed around 1,700 jobs -- and save about $320 million annually. Those bittersweet details and more await you in the press release after the break.

Continue reading ST-Ericsson to pass off application processor business to STM, cut 1,700 jobs

ST-Ericsson to pass off application processor business to STM, cut 1,700 jobs originally appeared on Engadget on Mon, 23 Apr 2012 22:49:00 EDT. Please see our terms for use of feeds.

Permalink Reuters  |   | Email this | Comments

Sony to cut 10,000 jobs and slash bonuses, says Japanese newspaper

Posted on by
Sony to cut 10,000 jobs and reduce bonuses, says Japanese newspaperThere have been some major adjustments at Sony HQ already, but Japanese business sheet Nikkei reckons they're nothing compared to what's on the horizon. It reports that, come an announcement on April 12th, Kaz Hirai will reveal plans to clear out 10,000 jobs by the end of this year -- that's six percent of his workforce. The paper also says that seven execs, including chairman Howard Stringer, could be asked to forgo their bonuses, as the company concedes a $3.2 billion loss for 2011. It's a just a single report and it's entirely possible that none of this will happen, but merely the hint of such austerity could perhaps serve Hirai's interests, even if he ends up being less drastic when Thursday comes around.

Sony to cut 10,000 jobs and slash bonuses, says Japanese newspaper originally appeared on Engadget on Mon, 09 Apr 2012 04:10:00 EDT. Please see our terms for use of feeds.

Permalink CNET  |  sourceNikkei (subscription required)  | Email this | Comments