HP to cut an additional 16,000 jobs or 5 per cent of workforce

Alarming news coming from HP today as the company says it needs to cut 16,000 jobs which is around five per cent of their workforce, in order to make ends meet, the latest numbers mean that as many as 50,000 employess could be let go in the wake of the ongoing global restructuring efforts.

No turnaround is easy and the PC market, which HP is a leader, has been taking a beating these last few years mainly because of the rise in mobile devices such as tablets and smartphones. Some companies, like Lenovo, are doing better than expected but HP's trying its best to right the ship.

With the first half of our fiscal year completed, I'm pleased to report that HP's turnaround remains on track," said 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 that can successfully compete across a rapidly changing IT landscape." 

Source: HP