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Morning Star

Hewlett-Packard to cut 16,000 jobs worldwide

IT giant Hewlett-Packard (HP) said on Thursday that it is to cut up to 16,000 jobs worldwide, laying the blame on 11 quarters of declining revenue.

But, at the same time, the company announced net income in the quarter to April 30 had risen 18 per cent to £750m.

Between 11,000 and 16,000 jobs are to be lost, on top of 34,000 cuts announced in a May 2012 restructure plan.

HP employs more than 250,000 people worldwide. 

The company said the increased cuts came “as HP continues to re-engineer the workforce to be more competitive.”

However, some analysts put the blame on stock buybacks, which rose by 27,600 per cent from a year ago.

So-called “activist” shareholders have forced management to buy back shares to provide a quick buck for themselves rather than leaving capital for growth investment.

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