HP tight-lipped on Middle East redundancies
World's number-two PC vendor by shipments plans to cut 34,000 jobs globally
HP, the world's number-two PC manufacturer by shipments, has refused to reveal how many staff in the Middle East will lose their jobs as part of the 34,000 planned workforce cuts globally.
The technology giant, which has been struggling financially in recent years, is taking a bigger whack at its gigantic workforce than previously has been reported.
HP Middle East officials didn't disclose how many of the cuts would be in the region although, Channel Middle East understands that in late Q4, 2013, around 20 employees from its KSA subsidiary were laid off.
In a late December, 2013 regulatory filing to the Securities and Exchange Commission (SEC), HP expanded the scope of layoffs and said a total of 34,000 positions will be eliminated by the end of October this year, 5,000 higher than the 29,000 figure the vendor had earlier announced.
HP initially announced in May 2012 that it expected 27,000 jobs, about 8% of its workforce to be cut by end of October this year, which marks the end of its 2014 fiscal year. But several months later the company revised the figure to 29,000, noting that "the total expected head count reductions could vary as much as 15% from our estimates."
Since taking over as CEO in 2011, Meg Whitman has generally won praise from analysts for her efforts to revitalise the ailing technology company. Nonetheless, HP's annual sales have steadily slumped from $127bn in 2011 to just over $112bn in 2013, largely due to declining consumer appetite for its personal computers and printers.