HP to axe 5,000 more jobs

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HP to axe 5,000 more jobs
HP CEO Meg Whitman

Hewlett-Packard said it would cut 5,000 more jobs, bringing the total number of layoffs to 34,000, or 11 percent of its workforce.

The company said in a regulatory filing on Monday that it would record a charge of US$4.1 billion (A$4.6 billion) in 2014, up from its prior estimate of $3.6 billion.

HP is striving to get back to growth through job cuts and focusing on businesses with longer-term potential such as enterprise services.

HP had estimated that it would cut about 29,000 jobs through fiscal year 2014.

The company had about 317,500 employees as of 31 October 2013.

Shares of the company were little changed at $27.92 on the New York Stock Exchange on Tuesday. The stock has gained 96 percent so far this year.

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