The market is awash with speculation that HP is about to announce thousands of layoffs worldwide.
HP refuses to comment on the rumours, although analysts are saying HP could trim jobs by up to 25 000. The company has about 150 000 staff worldwide.
Reuters reports that when HP reported fiscal second-quarter results in May, new CEO Mark Hurd said the company had a "cost structure that is off benchmark in many areas", and HP signalled that further job cuts were likely in the current quarter.
According to Reuters, Moors & Cabot analyst Cindy Shaw wrote in a research note that HP could cut as many as 25 000 jobs this week. Analyst Toni Sacconaghi of Sanford C Bernstein has said HP could trim its workforce by up to 10%, or by 15 000 people, a move he estimates could save $1.5 billion a year.
A source close to HP told The Wall Street Journal that HP was due to announce a restructuring on Tuesday.
C-Net reports that a source close to the company told it that HP officials worked over the weekend to finalise the size of the layoffs, which would come within 5% of the previously targeted 15 000 positions.
According to C-Net`s source, IT, sales and services would be most hit, although the cuts would be carried out throughout the company.
The report quotes Sacconaghi as saying 70% of HP`s workers are in the Technology Solutions Group.
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