3:08pm

Wed May 23, 2012
Business

HP Announces 27,000 Layoffs, Colorado Impact Unclear

Today Hewlett Packard Co. announced a restructuring effort that will cut 8 percent, or about 27,000 employees from its workforce.

A spokesperson for HP says the company hasn’t yet released specifics about how Colorado workers and HP offices within the state will be impacted. However, the company expects the workforce reduction to impact “just about every business and region”.

Today the company announced financial results for Q2 2012, which ended on April 30, 2012. Net revenue was down 3 percent year over year.

The Northern Colorado Business Report says the layoffs could push tech-sector cuts to a three-year high. That’s according to Challenger, Gray & Christmas.

HP says it hopes to avoid as many layoffs as possible by offering early retirement packages. The changes will be implemented by the end of the company’s fiscal year 2014.

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