HP to Shed 5,000 More Jobs, Total Now 34,000

hp job cuts

In a regulatory filing, Hewlett-Packard has further increased the number of jobs it is going to slash as a part of its turnaround efforts.

A filing with the SEC ( Securities and Exchange Commission) has revealed that HP is planning to cut 5,000 more jobs in addition to the 29,000 already announced. In May 2012, HP announced to cut 27,000 jobs and then increasing in the number in September 2012.

The annual report of the company now states:

“Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15% of those 29,000 positions, or a total of approximately 34,000 positions, and to record an additional 15% of that $3.6 billion in total costs, or approximately $4.1 billion in aggregate charges.  HP expects to record these charges through the end of HP’s 2014 fiscal year as the accounting recognition.”

The current total employment figures of HP are 331,800 throughout the world and HP expects to complete the job cuts by October 2014.

The company appears to be benefiting from the job cuts already as the company reported a $1.4 billion profit in the fourth quarter.

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