Ailing technology giant Hewlett-Packard
announced plans Wednesday to slash 27,000 workers, or about 8 percent of its staff.
The multiyear restructuring is designed to save the world's largest computer maker between $3 billion and $3.5 billion by the end of 2014, the company said in a press release.
HP did not detail the countries or units that will bear the brunt of the layoffs.
"While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company," CEO Meg Whitman said.
Related story: "Dell Reports Declining Profits, Sales"
H-P's financial results issued Tuesday illustrated the challenges facing the company. Second quarter revenue dropped by 3 percent to $30.7 billion compared to last year, while earnings plunged 31 percent to $1.6 billion from $2.3 billion in the year earlier period.
H-P's second quarter results are available here. A news release detailing the company's multiyear productivity initiative is available here.
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