HP to Cut Up to 16,000 Jobs
"As HP continues to reengineer the workforce to be more competitive and meet its objectives, the previously estimated number of eliminated positions will increase by between 11,000 to 16,000."
Second quarter GAAP diluted net earnings per share (EPS) was $0.66, up from $0.55 in the prior-year period and within its previously provided outlook of $0.62 to $0.66. Second quarter non-GAAP diluted net EPS was $0.88, up from $0.87 in the prior-year period and within its previously provided outlook of $0.85 to $0.89. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax costs of $418 million and $0.22 per diluted share, respectively, related to the amortization of intangible assets, restructuring charges and acquisition-related charges.
Second quarter net revenue of $27.3 billion was down 1% from the prior-year period and flat on a constant currency basis.
"With the first half of our fiscal year completed, I'm pleased to report that HP's turnaround remains on track," said Meg Whitman, president and chief executive officer, HP. "With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. We're gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape."
In May 2012, HP adopted a multi-year restructuring plan designed to simplify business processes, accelerate innovation, lower costs and deliver better results. HP previously estimated that 34,000 positions would be eliminated in connection with the plan.
As HP continues to reengineer the workforce to be more competitive and meet its objectives, the previously estimated number of eliminated positions will increase by between 11,000 to 16,000.
Comment / Share on Facebook
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesOne-Armed Softball Phenom: Part 2Recently, you may have read the first of two columns featuring 17-year-old Katelyn Pavey, a one-armed, fastpitch softball phenom
Surplus Water: Placer County Water Agency Plans SaleThe Placer County Water Agency (PCWA) Board of Directors has approved a resolution that allows for the transfer and sale of up to 20,000 acre-feet of surplus water
Roseville Flash Crime Report (7.23.16)Roseville, CA- Weekly crime report digest update for Roseville, covering the period of July 14- 22, 2016.
Kings Beach Project Wins National AwardKings Beach, CA - A cornerstone project that is transforming the North Lake Tahoe community of Kings Beach's downtown has been given a prestigious national award
Roseville Hospital gets Suessical VisitRoseville, CA- It isn't every day that storybook characters come alive at Kaiser Permanente Roseville Medical Center.
Nevada City Shines Best at Night Nevada City, CA- Nevada City's charm shines more brightly at night. At least that was the takeaway following a midweek date night with my wife.
Rubio's Opens New Restaurant in Roseville August 4thRoseville, CA - Rubio's Restaurants, Inc., the popular fast casual chain known for uniquely delicious coastal cuisine and popularizing the fish taco, has announced the opening of a new location in Roseville
Roseville and Lincoln to Host Girls Fastpitch Western National ChampionshipRoseville, CA - The ASA/USA 14u Class A Girls Fastpitch Western National Championship in Roseville and Lincoln July 25- 31.
Roseville Residents Motoring for Less this SummerRoseville, CA- Roseville residents are motoring for less this summer as gas prices continue to push lower.
Updates on Rocklin HomicideRocklin, CA- The injuries of the victim were consistent with a blunt force trauma-type injury although information about the weapon used will not be released.
Mummy Man Robs Rocklin BankRocklin, CA- On Wednesday, 07/20/2016, at approximately 4:00pm, Rocklin Police responded to a robbery call at the US Bank located inside the Safeway Supermarket
Gunshots in Roseville Lead to Manhunt and Highway ClosuresRoseville, CA- Despite a large manhunt in Roseville following early morning gunshots, it appears the two male suspects have eluded police at this time.
NEWS: In Case You Missed It