Hewlett Packard are facing tough times, they are axing 27,000 people while their profits continue to decline along with their revenues.
Their profits for the latest financial quarter dropped by 33 percent while the revenues were also down 3 percent. This is a far cry from their glory days.
Meg Whitman the latest CEO of the company has a new strategy to try and rescue the struggling giant. They are aiming to target cloud computing over the coming years. The 27,000 job cuts are part of the plan to lower costs, this represents a whopping 8 percent of the worldwide workforce.
Their PC division is still showing some promise, they turned in a revenue stream of $9.5 billion.
Kitguru says: Can Hewlett Packard turn around their fortunes in 2012 and 2013?