Ruminations on the electronics industry from David Manners, Senior Components Editor on Electronics Weekly.
Poor Old HP
The pain at HP seems never ending. Before she’s fully implemented the last 34,000 job cuts, CEO Meg Whitman has announced another 16,000 job cuts.
HP had 317,500 employees at the end of October. It has had declining revenues for 11 quarters in a row.
Whitman seems to have only one club in her bag to deal with reducing demand for PCs and printers – sackings.
With annual revenues topping $27 billion and net profit at $1.27 billion in calendar Q1, the company has the funds to innovate but there seem no signs of it despite Whitman’s stated wish: “We want to be a growth company.”