Hewlett-Packard Raises Layoff Target to 29,000

By Matt Egan Features FOXBusiness


Hewlett-Packard (HPQ) increased its job-cut estimate to 29,000 positions on Monday as the struggling technology behemoth continues to slash costs under CEO Meg Whitman.

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In a regulatory filing, H-P said it anticipates eliminating the positions through fiscal 2014 as part of a previously disclosed restructuring that envisioned cutting 27,000 jobs.

The job cuts are “designed to simplify business processes, accelerate innovation and deliver better results for customers, employees and stockholders,” H-P said in a Securities and Exchange Commission filing.

H-P said an unspecified portion of the 29,000 people impacted by the restructuring will exit as part of a voluntary early retirement program for U.S. employees.

Palo Alto, Calif.-based H-P is one of the world’s largest technology companies, generating $127 billion in annual sales and employing almost 350,000 people as of July.

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Whitman, 56, previously served as CEO of eBay (EBAY) and was hired in September 2011 to help turn around H-P.

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Shares of H-P have badly underperformed the broader markets this year, slumping 19% compared with the S&P 500’s 14% rally. H-P dipped 0.40% to $17.35 ahead of Monday’s opening bell.