HP to reduce global staff

HP to reduce global staff

Hewlett-Packard will reduce its global workforce as part of its ongoing cost-cutting efforts, but the total number of the planned reductions has not yet been determined, according to a company spokesman.

While HP will not hand out "pink slips" -- as lay-off notices are commonly referred to in the US -- it will use relocation and voluntary severance to reduce its staff, according to spokesman Brad Whitworth.

According to wire reports, HP's chairman Lew Platt said that he expects personnel cuts, but that specifics of the size of the cuts were not yet determined.

The reductions are not focused on a specific region, or on a specific area of the company, Whitworth said. Once HP's cost-cutting plans are finalised, the company will release specifics, he added.

Last month, HP reported a 1 per cent increase in net earnings and a 5 per cent growth in revenues for its third fiscal 1998 quarter, ending July 31, 1998. HP's net earnings amounted to $US621 million, compared to $617 million in the same quarter last year, on net revenue of $US11 billion, up from the $US10.5 billion reported in the quarter a year ago.

Despite the slight earnings increase, HP's management said at the time that it was not satisfied with the company's performance.

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