NEW YORK – Hewlett-Packard Co. (HPQ) on Tuesday said it expected job cuts in the first half of 2005 would cost about $200 million, wiping off about 4 cents per share.
The No. 2 computer maker released these figures in a filing to the U.S. Securities and Exchange Commission (search) following a review of the size of its workforce.
"As a part of their ongoing cost structure management, HP's various businesses routinely review the size of their workforce and make adjustments they deem appropriate after evaluating a variety of factors," the company said in its filing.
It gave no details of how many jobs would be cut but said the workforce reductions would be made across HP's businesses.
A week ago the company told a conference call that it would accelerate cost cuts for its servers and storage group, making reductions in fiscal 2005 which began on Nov. 1 that had been planned for fiscal 2006.
At that time the company said it saw earnings in the first half of fiscal 2005 of 72 cents to 74 cents per share before items.