HP Announces 27,000 Layoffs

Meg Whitman

Photo: AP

HP is going to cut 27,000 people, or 8 per cent of its total workforce, the company officially announced today.The job cuts will be stretched out over the next two years, closing at the end of fiscal 2014, which is October 2014.

It says these layoffs will save the company over $3 billion.

As a result of the restructuring, HP is taking a $1.7 billion charge.

The stock is up almost 7 per cent in after-hours trading, so investors seem to be happy the company is going to slim down.

But, it really sucks for all the people who will lose their jobs.

The stock could also be reacting to HP’s earnings, which easily beat expectations.

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