HP to Cut 27,000 Jobs

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.