Hewlett-Packard to slash nearly 25,000 jobs as part of EDS deal

[marmar]

H-P to slash nearly 25,000 jobs as part of EDS deal

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. on Monday said it would cut 24,600 jobs and take a fourth-quarter charge of almost $2 billion as part of its recent acquisition of IT services giant Electronic Data Systems.

In a written statement, H-P said the job cuts amount to about 7.5% of the combined company's workforce of 320,000. As of August, H-P had 178,000 employees and EDS had a workforce of 142,000.

The stock edged up in after-hours trading to $45.60. In the regular session amid the wider market's intense volatility, H-P shares fell $1.64, or 3.5%, to close at $45.33.

As part of the EDS acquisition, H-P said it would take a one-time charge of $1.7 billion in its current, fiscal fourth quarter. The company had previously said it expects to earn between 95 cents and 97 cents share, or between $1.01 and $1.03 share before one-time items for its fourth quarter.
H-P Chief Executive Mark Hurd said the goal is to expand on H-P's position in the computer services market. ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/h-p-cut-25000-jobs-citing-eds/story.aspx?guid=%7B4FB94FBD%2D653E%2D4D34%2D98A9%2D0655F137221B%7D&dist=hplatest

[Tangerine LaBamba]

1. More of Fiorino's genius?

And it's good to know she's got McPOW's ear as some kind of economic adviser.