HP to cut as many as 30,000 jobs

On Tuesday, Hewlett-Packard announced it expects to cut between 25,000 to 30,000 jobs in its enterprise business in order to save $2.7 billion in costs.

Later this year, the company will separate the corporate hardware and services operations, to be called Hewlett Packard Enterprise, from its computer and printer businesses, Reuters reports. As of Oct. 31, 2014, HP had more than 300,000 employees, and Chief Executive Meg Whitman's multi-year restructuring plan called for 55,000 total job cuts. "We've done a significant amount of work over the past few years to take costs out and simplify processes and these final actions will eliminate the need for any future corporate restructuring," Whitman said.

HP's revenue from personal computer and printer businesses dropped 11.5 percent in the latest quarter, and enterprise services division sales fell 11 percent. HP said Hewlett Packard Enterprise is expected to have more than $50 billion in annual revenue in 2016.

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