HP to lay off 25,000 workers
Wednesday, May 23, 2012
Hewlett-Packard is set to announce its latest round of job cuts on May 23, which could lead to more than 25,000 workers losing their jobs.
The move is being made in an effort to streamline its PC and service businesses and the 25,000 layoffs would amount to roughly 7 percent of the company's global workforce, which is estimated at 349,600 individuals worldwide, a source familiar with the situation told Fortune.
HP is losing ground at an alarming pace, as its PC sales dropped 15 percent during the holiday season and consumer computer sales dropped 25 percent.
It's not just HP, however, as the entire PC industry is stagnant.
On May 23, tech shares dropped on Wall Street due in part to disappointing earnings reports and sales outlook from Dell, another major player in the PC production industry.
"The Dell news sent some fears through the tech sector," Timothy Ghriskey, chief investment officer at Solaris Asset Management, told CNNMoney. "The concern is that this goes beyond just Dell. We saw similar news out of Cisco recently."
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