Personal computer giant Hewlett-Packard Co. has confirmed that it expects layoffs at the upper end of a range that it outlined earlier this year, with 5,000 more workers than originally planned expected to lose jobs by October 2014.
The company said in a securities filing Monday that “continued market and business pressures” were behind the move. The additional cuts are on top of the 29,000 positions it planned to cut in a May 2012 restructuring plan.
Cost cuts have helped HP weather revenue declines. In the fiscal year through Oct. 31, revenue fell 7 percent to $112.3 billion, but the company posted $5.1 billion in net profit, compared with a $12.7 billion loss a year earlier.