Hewlett-Packard, a 75-year-old tech company based in Silicon Valley, looks to cut back on its workforce even more. Bloomberg reports that HP will layoff 11,000 to 16,000 workers on top of the 34,000 people already announced to be laid off. News broke today as the company’s Q2 sales fell short of estimates.
Analysts had predicted that the company’s profit would be 88 cents a share with sales of $27.4 billion, according to information gathered by Bloomberg. The company today announced a profit of 88 cents a share with sales of $27.3 billion.
Sales of desktop and laptop computers are down throughout the whole industry. PC shipments worldwide for the first three months of 2014 have dropped because consumers are said to be switching to tablets and smartphones. Since September of 2011, when Meg Whitman took over as CEO, HP has been on a sales decline with analysts now predict this to be the third straight year of declines.
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