HP had plans to layoff 34,000 employees. That was revised today upward by 16,000! So HP is planning on laying off 50,000 employees in the future! Ouch! So what is going on? Part of the problem is that HP is being forced by some major stockholders to buy back some of it's stock. It has spent over $1 billion in the last 2 quarters doing so. It has also had lower sales and lower profits. Combine all that and they have to layoff 50,000 employees! The other problem I see that HP has it's that it no longer is just competing with other makers of Windows machines. It is now competing directly with Microsoft, since they introduced the Surface tablets/laptops. HP is in a tough spot and has very few options. I feel bad for the 50,000 employees who are going to suffer as a result of inane decisions made above their pay grade.
What do you think?
For more:
http://www.zerohedge.com/news/2014-05-22/why-hewlett-packard-just-announced-another-16000-job-cuts
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