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HP To Axe Additional 11K To 16K Jobs

HP

HP says it will eliminate an additional 11,000 to 16,000 jobs. The company had earlier said it plans to axe 34,000 jobs as part of a corporate restructuring in May 2012.

HP reported its financial results for the fiscal 2014 second quarter on Thursday.  Second quarter diluted net earnings per share (EPS) was 66 cents, up from 55 cents in the prior-year period.  The company’s second quarter net revenue of $27.3 billion was down 1% from the prior-year period.

Meg Whitman (President and chief executive officer, HP): With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company.

Fiscal 2014 second quarter segment results:

  • Personal Systems revenue was up 7% year over year with a 3.5% operating margin. Commercial revenue increased 12% and Consumer revenue declined 2%. Total units were up 10% with Desktops units up 6% and Notebooks units up 6%.
  • Printing revenue was down 4% year over year with a 19.5% operating margin. Total hardware units were up 1% with Commercial hardware units up 3% and Consumer hardware units flat. Supplies revenue was down 6%.
  • Enterprise Group revenue was down 2% year over year with a 14.4% operating margin. Industry Standard Servers revenue was up 1%, Storage revenue was down 6%, Business Critical Systems revenue was down 14%, Networking revenue was up 6% and Technology Services revenue was down 5%.
  • Enterprise Services revenue was down 7% year over year with a 2.5% operating margin. Application and Business Services revenue was down 8%, and Infrastructure Technology Outsourcing revenue declined 7%.
  • Software revenue was flat year over year with a 19.2% operating margin. License revenue was up 8%, support revenue was down 4%, professional services revenue was up 1% and software-as-a-service (SaaS) revenue was up 6%.
  • HP Financial Services revenue was down 2% year over year with a 2% decrease in net portfolio assets and a 12% increase in financing volume. The business delivered an operating margin of 11.4%.

For the fiscal 2014 third quarter, HP estimates diluted net EPS to be in the range of 59 cents to 63 cents.  For fiscal 2014, HP estimates net EPS to be in the range of $2.68 to $2.80.

[Image courtesy: HP]

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