HP to Layoff 27,000 Workers

With all kinds of operational problems, HP finally decided to lay off roughly 27,000 employees, that’s about 8 percent of its workforce. Over the next couple of years those who hold pink slip will be shown the door out. The good news is that the layoffs would be made mainly through early retirement. The goal of workforce cut is to jumpstart growth and save up to $3.5 billion annually. This move has pleased shareholders who send the share price 11 percent higher. HP is not doing so well in recent years. The world’s No. 1 personal computer maker with more than 300,000 employees globally had a 31 percent decline in second-quarter profit and a 3 percent decline in revenue, compared with a year ago.

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