Hewlett-Packard to Eliminate an Additional 5,000 Jobs

In a regulatory report that it filed that with the U.S. Securities and Exchange Commission (SEC), Hewlett-Packard announced that it would cut an additional 5,000 jobs, citing a tough business environment that it says makes the additional cuts necessary if it’s going to remain competitive. Consequently, HP will eliminate 34,000 positions by the end of its fiscal year. Originally, it had said 29,000 jobs would be eliminated.

In the report, HP said: “Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15 percent of those 29,000 positions or a total of approximately 34,000 positions.”

The company also reported that reduction of its workforce and both data-center and real-estate consolidation will cost it roughly $4.1 billion in aggregate charges, up from the charges of  $3.6 billion it had previously predicted.

For its latest quarter, HP reported a profit of $1.4 billion, although revenues of $29.1 billion had declined 3 percent versus the same period a year ago.

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