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Hewlett-Packard to cut 27,000 jobs by the end of 2014
" ... The company said the cuts - about 8% of its workforce - will reduce costs by up to $3.5bn (£2.2bn) a year.
HP said in a statement that the money would be reinvested into the company.
The move was part of a "productivity initiative designed to simplify business processes" and comes as rival products such as the iPad tablet computer eat into HP's sales.
As part of the changes, the head of HP's Autonomy division, Mike Lynch, is being replaced by Bill Veghte, HP's chief strategy officer. Mr Lynch will leave after what HP called a "transition period".
... News of the job losses overshadowed the release on Wednesday of HP's latest quarterly results. The company's profits and revenues were both better than analysts had estimated.
California-based HP reported a 31% fall in profits in the second quarter to $1.6bn. Revenue in the period fell 3% on a year ago to $30.7bn.
... HP's shares, which fell as much as 5% on Wednesday and closed 3% down, were up 6.6% in after-hours trading on Wall Street. ... "
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