Hewlett-Packard to cut up to 16,000 more jobs

Hewlett-Packard is cutting additional 11,000 to 16,000 jobs as part of its restructuring plan as the struggling PC maker's revenues dipped marginally for the quarter ended April 30, 2014.
The new cuts announced come on top of 34,000 jobs that HP planned to slash under a programme started in 2012.
"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," HP said a statement.
HP had about 317,500 employees worldwide as of October 31, 2013.
The impact of the decision on India, where HP has a significant presence across devices and networking, could not be immediately ascertained.

PC makers like HP have been struggling to keep up as consumers shift away from traditional computers to mobile devices, a segment that is dominated by the likes of Apple and Samsung.

"With the first half of our fiscal year completed, I am pleased to report that HP's turnaround remains on track," HP President and CEO Meg Whitman said.
With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities, she added.
"We are 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," she said.

HP's net profit rose 18 per cent to USD 1.3 billion in the February-April 2014 quarter from USD 1.1 billion in the same period a year ago.
Revenues, however, dropped 1 per cent to USD 27.3 billion in Q2 2014 from USD 27.6 billion same quarter last year.
HP follows November-October fiscal.
One of the world's biggest PC makers, HP saw its personal systems revenue growing seven per cent and unit sales jumping 10 per cent.
However, HP's printing division saw revenues falling four per cent as supplies revenue declined and consumer hardware sales remained flat.
HP generated USD 3 billion in cash flow from operations in the second quarter, down 16 per cent from the year-ago period. It exited the quarter with USD 15.4 billion in gross cash.