Hewlett-Packard announced it is to cut 27,000 jobs by the end of 2014 as part of a major restructuring program designed to bring growth back into the embattled company
SAN FRANCISCO, CA -- Hewlett Packard, the world's largest computer maker, announced on Wednesday it is planning to slash 27,000 jobs, or 8% of its global workforce, within the next two years as part of a major restructuring plan.
HP's CEO Meg Whitman, who took over the helm in September last year, said the restructuring plan is the biggest in the corporation's 73-year history.
The company expects to save $3 billion to $3.5 billion annually from the job cuts and other austerity measures.
The news came as HP announced its quarterly results - a 30% profit decline in comparison to the same quarter a year ago, but still better than what analysts had expected.
"While I wouldn't say we turned the corner, we are making progress," said CEo Whitman, who added she is cautiously optimistic that HP is stabilizing. "It's a journey, and we have a lot of work to do in this turnaround."
She also announced that HP plans to launch tablets -- for both consumers and corporations -- later this year.
"We will have a Windows 8 tablet for the holiday," she said.
The company will also invest further in cloud computing online, data storage and computer security.