Hewlett Packard to cut 27,000 jobs

May 23 2012

Hewlett-Packard has revealed it is to cut 27,000 jobs, eight per cent of its workforce, as it restructures the business.

The company, which is based in Palo Alto, California, says it will save between three billion dollars (£1.91 billion) and 3.5 billion dollars (£2.23 billion) annually from cost cuts, including the lay-offs.

Officials expect to complete the job cuts by the end of fiscal 2014.

Shares jumped by 1.40 dollars (89p), or 6.6%, to 22.48 dollars (£14.32) in aftermarket trading on Wednesday.