Posted by: Yasir Irfan
Economic Slowdown, HP, ITP, job cuts, recession
I was just browsing the regional technical portal and came to know that HP is cutting another 6,000 jobs due to poor second quarter results. The second quarter results dropped by 17% from the same quarter last year, to $1.7 billion. which forced the giant company like HP to axe 6000 more jobs. The economic crisis has forced many companies to cut down their investments, research plans etc. which is going to affect the industry in coming decade, if the world failed to come out of this economic crisis.
Mark Hurd, HP chairman and CEO commented: “Disciplined focus on operational efficiencies and execution drove record cash flow. Our services business continued to deliver strong profitability with an increased deal pipeline and the EDS integration tracking ahead of schedule.”