HP confirms higher layoffs expected
PALO ALTO, Calif. (AP) — Personal computer giant Hewlett-Packard Co. has confirmed that it expects layoffs at the upper end of a range that it outlined earlier this year, with 5,000 more workers than originally planned expected to lose jobs by October 2014.
The company said in a securities filing Monday that “continued market and business pressures” were behind the move. The cuts add to 29,000 positions it planned to cut in a May 2012 restructuring plan.
Hewlett-Packard said in March that its estimated cutbacks could vary by as much as 15 percent from its original estimate. At an October meeting with analysts, Chief Financial Officer Cathie Lesjak said the company planned to end up “near the high end” of that range.
HP shares rose 10 cents to $28.17 in midday trading Tuesday.
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