HP Plans 16,000 More Layoffs

Rick Merritt, reporting for the EE Times:

On a quarterly earnings call, HP chief executive Meg Whitman took a hammering from Wall Street analysts, clearly surprised by the magnitude of the numbers. Whitman announced her turnaround plan in May 2012 estimating layoffs of 27,000. The numbers were later boosted to 29,000, then 34,000 and now are estimated at a total 50,000.

Analysts asked if Whitman had lost confidence in HP’s ability to grow revenues.

“This has nothing to do with our confidence in business, it’s about opportunities to make this company better,” Whitman said. “I’ve done a number of turnarounds — not at this scale — but you see more opportunities the deeper you get in,” she said.

She’s right about one thing: she’s in deep.

When is the last time HP had a single interesting product?

★ Friday, 23 May 2014