Published on 24th May 2012
“Hewlett-Packard Co, battered by declining profits and tech rivals with flashier hand-held devices, is slashing 27,000 jobs, or 8% of its workforce. The Silicon Valley tech firm, one of the world's largest computer makers with nearly 325,000 employees, said the job reductions — through layoffs and a voluntary early retirement program — would occur by the end of fiscal 2014. The cuts are expected to save the company $3bn to $3.5bn annually,” reports the Los Angeles Times.