Hewlett-Packard (NYSE:HPQ) Thinking to Slash 8% of Workforce
Hewlett-Packard Company (NYSE:HPQ) is thinking to lower almost 25,000 workers or 8% of its labor force, to lower costs and assist the technology company to contend with ebbing demand for computers and services, according to a person who know about the plans.
The person, who said on the demand for anonymity that the number to be lower comprises 10,000 to 15,000 from Hewlett-Packard’s enterprise services group, which vends different information-technology services and has been beset by dropping profitability,.
Chief Executive Officer Meg Whitman looking to overturn the expansion drop that directed to the dismissal of Leo Apotheker. The tech company’s PC sales are lowering as consumers favor tablets, like Apple Inc’s (NASDAQ:AAPL) iPad, and it has been sluggish to adapt to the shift toward cloud computing, away from the IT business Hewlett-Packard offers.
ISI Group analyst Brian Marshall mentioned in a research note prior this month that Hewlett-Packard could make the difficult verdict of reporting a cut in workforce. Marshall further stated that this would allow investments in strategic and higher growth parts.
Turning towards financial highlights, Hewlett-Packard Company (NYSE:HPQ) on MAY 18, 2012 it declined -1.27% to the trading at $21.78. The overall volume in the current trading session was 4.27 million shares. Its fifty-two week range was $21.50 -$37.70. The total market capitalization remained $43.09 billion.
HPQ is ahead its 52-week low with +2.26% and lagging behind from its 52-week high price with -41.38%. HPQ last month stock prices volatility remained 2.10%. In its share, capital HPQ has 1.98 billion outstanding shares among them 1.96 billion shares have been floated in market exchange. HPQ stock institutional ownership remained 74.04% while insider ownership included 0.03%.
HPQ competitors Dell Inc (NASDAQ:DELL) surged 0.17% to traded at $14.96, Apple Inc (NASDAQ:AAPL) lifted 2.17% to traded at $541.73 while International Business Machines Corp (NYSE:IBM) added 0.25% to $198.69 at 10:40AM EDT.