After it acquired Compaq Computer Corp., Hewlett-Packard Co. executives said they planned to cut 15,000 jobs as part of the restructuring of the new company.
But according to an HP filing with the federal Securities and Exchange Commission earlier this month and a note sent to employees on Tuesday, that will grow to 16,800 job cuts.
In the Sept. 13 filing of its 10-Q quarterly financial statement, the Palo Alto, Calif., company said recent economic conditions—particularly the continued slowdown in enterprise IT spending—will necessitate the cuts, which will include early retirements and layoffs.
According to a note sent to employees Tuesday, HP officials said that business continues to remain weak and that the company needs to increase efficiencies to remain competitive.
The cuts will be made by the end of the next third quarter, which ends July 31, 2003, according to the message to employees.