HP informed it was going to lay off 27,000 of its workers over the next year because of the company quarterly result which showed profits down more than 30%.
By the end of the fiscal year 2014 HP workforce should be reduced by 8%. Once complete, the restructuring is expected to save HP $3 billion to $3.5 billion. The money would be invested in research and development, expanding its cloud, security and information services and enterprise storage.
Gross revenues for the company were $30.7 billion, down 3% from the previous quarter. Profits came in at $1.59 billion, down from $2.3 billion, a 31% reduction.