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HP profits lower, to cut nearly 6,400 workers

HP profits lower, to cut nearly 6,400 workers

US computer giant Hewlett-Packard reported a 17-percent fall in quarterly net profit on Tuesday and said it plans to cut two percent of its workforce, or nearly 6,400 workers, over the next year. HP said net profit fell to 1.7 billion dollars, or 86 cents per share, in the second quarter of its fiscal year from 2.1 billion dollars, or 87 cents per share, a year ago, in line with the expectations of Wall Street analysts.

The Palo Alto, California-based company, the world’s largest manufacturer of personal computers, said revenue was down three percent in the quarter which ended on April 30 to 27.4 billion dollars. Chief financial officer Cathy Lesjak announced the planned layoffs in a conference call with analysts after the release of the results.

“We will be taking some targeted action to structurally change and improve the effectiveness of our product businesses,” she said.


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