HP to lose 5000 more jobs despite Meg Whitman's best efforts
Hewlett-Packard is chopping its huge workforce more than previously had been reported.
Meg Whitman: Efforts praised ... but
In a regulatory filing on Monday, the California corporation says in all 34,000 positions will be eliminated by the end of October -- 5,000 higher than the 29,000 figure originally quoted .
HP initially said in May 2012 that it expected 27,000 jobs -- about 8 percent of its workforce -- to be cut by Oct. this year. Then it revised that figure to 29,000, noting that "the total expected head count reductions could vary as much as 15 percent from our estimates."
On Monday HP said the total would be 34,000 "due to continued market and business pressures."
HP will still have the most employees of any Bay Area company, says the San Jose Mercury News. It had about 317,500 worldwide three months ago- three times as many as the next biggest Silicon Valley tech employer, Oracle .
Since taking over as CEO in 2011, Meg Whitman has been praised for her efforts to invigorate the company. However, HP's annual sales have slumped from $127 billion in 2011 to just over $112 billion in 2013, as consumer appetite for its personal computers and printers has fallen off.
J.P. Morgan analysts have said they believe the decline in PC and printer sales could be bottoming out.