HP Announces 2000 Redundancies
HP has announced that it will make a further 2,000 people redundant as part of a new programme.
The ink cartridges specialist has been adversely affected by a drop in demand for printer hardware and consumables, while the trend for buying tablets and smartphones has dented its PC offerings.
A statement by the manufacturer read: "These efforts are designed to enable us to invest in our business to respond to industry shifts and capitalise on emerging opportunities in areas like cloud computing, security, and information management."
It also noted that it is striving to improve its financial performance and align its cost structure with its revenue and margin profile.
The difficult printing market recently forced Lexmark to stop developing printers in a bid to focus on its imaging and software businesses.
Reuters reports that Goldman Sachs advised the manufacturer to make the decision, which has seen its shares fall by 20 per cent.
Posted by Barry Ashmore.