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HP Plans To Cut Up To 4,000 Jobs Over Next 3 Years Amid PC Slump (bloomberg.com)
Yesterday, it was reported that the PC industry is on a two-year downslide as PC shipments have declined for eight consecution quarters. Today, HP announced it will cut between 3,000 and 4,000 jobs over the next three years due to the PC slump. Bloomberg reports: The company will eliminate positions across the board, Chief Executive Officer Dion Weisler said on Thursday. The comments came as HP held its analyst meeting in New York. The reductions could include 1,000 jobs being outsourced if the number of positions edges close to 4,000, Chief Financial Officer Cathie Lesjak said. Weisler is searching for additional ways to drive profitability after his PC company gained independence last year from Hewlett Packard Enterprise, which sells corporate tech gear. Earlier this year, Weisler said HP would need to accelerate a plan announced in 2015 to eliminate about 3,000 positions over three years. Instead, those reductions are to be completed this fiscal year. HP has about 50,000 employees now. HP said the newest job cuts will generate cost savings of about $200 million to $300 million annually starting in fiscal 2020. The Palo Alto, California-based computer maker expects to take $350 million to $500 million in charges in connection with the plan, and of that tool about $200 million will be labor costs, according to a regulatory filing.
Nonsense. USA economy is the best ever. Clinton had a great economy and Obama has lowest unemployment. Where is all this nonsensical propaganda about losing jobs coming from? Next thing you know there will be a story about losing high paying full time jobs and showing reduction in unemployment due to the former full time people getting multiple low paying part time jobs.
Next thing you know there will be a story about Clinton refinancing long term, fixed rate USA debt in short term, variable rate bills. Next thing you know there will be a story about the Federal reserve creating tons of money to buy bad long term USA debt, to buy failing assets, to backstop failing crony businesses. Next thing you know there will be a story about USA being actually a bankrupt nation that couldn't pay pensions or Medicare or war bills without constantly getting into more and more debt.
Next thing you know there will be a story about the coming bond and USD collapse. Next thing you know there will be a story about the destruction of actual capitalism (savings and business formation based on a stable political and economic environment) in the States. Next thing you know there will be a story here about the rest of the world repeating these idiotic USA policies of pushing up inflation by printing money and by destroying the value of savings through interest rate manipulation.
Next thing you know there will be a story here about the need of the individuals to be free from the political and economic oppression by the collectivists governments around the world.
Next thing you know there will be a story here about how the income and death and various property taxes are destroying long term economic planning by preventing families from continuing in the same business through generations. How the State uses inheritance taxes to destroy sound economic decisions and promotes short term thinking through public corporations that are not ran by its owners but by the board of directors who may or may not in fact think in terms of generations but only think in terms of a few years (if that).
No, wait, there won't be stories here like that, here there are only stories about 'horrible' businesses that are cutting jobs for 'no reason' while their CEOs are obviously making tons of money by increasing long term value through programs like stock buy backs. Not that buying back your own stock doesn't make sense in the environment where money is nearly free of value while the stock itself may actually be a sound inflation hedge.
You can't handle the truth.
People keep saying that, but I don't really buy it. People didn't really need a faster PC in the 00's either. But software capabilities were increased, and so were the requirements. Some computers had hardware MPEG2 decoders back then, but along came DivX and everyone used that, with software decoding, because people had or could buy fast enough PCs. Now we can decode 4k x265 in hardware, but what if a new format comes along? If PCs continued to improve, it wouldn't be a problem to do it in software. I'm sure people would want 2x faster PCs, even though they don't have an immediate use for them.
My buddy bought a second hand, Xeon 16 physical, 32 logical core workstation with 96GB ram for under $1000. It's sandybridge era, but hot damn there's plenty of cores to spread the work around. We estimate that even though his workflow involves six different VMs, he won't need to upgrade his personal machine again for probably five years. I was considering buying one too, but I think I'll settle for a brand new i7 quad core XPS 15 with a 1050 GPU for ~$1800, which ought to last me four years or so. Maybe more. My 2012 era i5 thinkpad laptop (ivy bridge) is still faster than anything I need it for, but the screen needs updating, and to be larger as my eyesight starts to deteriorate as an adult and replaces my old "fire breathing" desktop from 2010. I'm a power user and barely find reason to upgrade my hardware, I can only imagine how long the average user can go between upgrades these days.
moox. for a new generation.