Report: HP May Cut Up To 25K Jobs
A published report indicates that technology giant Hewlett Packard could cut as many as 25,000 jobs as it works to reduce costs and contend with declining demand for computers and information technology (IT) services.
Bloomberg News cites sources familiar with the company in its report.
In 2010, HP reported that it had 2,525 employees at its Marlborough facility and 324,600 worldwide. It also has an office in Andover.
Bloomberg reported that CEO Meg Whitman is seeking to reverse the growth slump that led to the exit of her predecessor in September and that cuts could include 10,000 to 15,000 from the enterprise services group, which sells IT services and has struggled with profitability. Many cuts could come through early retirement offers.
One analyst predicted that eliminating 18,000 jobs could result in a savings of $1.2 billion for the company and add 50 cents to annual per-share earnings.
HP is scheduled to report its second-quarter financials on Wednesday.
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