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Palo Alto tech giant Hewlett-Packard Company may lay off as many as 35,000 workers – nearly 10 percent of its 350,000-person workforce, according to recent reports.
The company has declined to comment, but news organizations including Bloomberg and AllThingsD, citing unnamed sources, stated the company plans to lay off between 25,000 and 35,000 workers.
There’s no word yet on how many HP employees in Palo Alto would be affected by the layoffs, which could be announced as early as next week, according to the reports.
The layoffs would come at the end of a tumultuous period for the personal computer giant, including three different CEOs in 3 years and falling sales figures.
Its first-quarter earnings in 2012 decreased by 44 percent compared to 2011’s first quarter. During the same period, its net income dropped to 73 cents per share from $1.17, or $1.47 billion from $2.6 billion.
— Eric Van Susteren
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These two huge stories involve world known companies, I find it ironic that we have both stories on the same day impacting the bay area. One company’s explosive growth and value excitement because of IPO, and another company just a couple miles south downsizing up to 35,000 jobs lost.