HP slashes 6,000 more jobs, Q3 forecast

Hewlett-Packard Co. (HP) announced Thursday that it is slashing revenue forecasts for its fiscal third-quarter and laying off an additional 6,000 employees due to “deteriorating global economic conditions and related weakness in technology spending.”

The company said that it now expects its revenue for the quarter ending July 31 to decline between 14 per cent and 16 per cent year-over-year, including a three per cent negative currency impact.

The job cuts will take place in the fourth quarter and will result in an annual savings of US$500 million, the company said.

Hewlett-Packard Canada Co. in Mississauga, Ont.., is at http://www.hp.ca