More job cuts in the works at HP?

Hewlett-Packard CEO Meg Whitman is in the final stages of eliminating 29,000 jobs to trim expenses. But she may have to cut its workforce even more, some industry experts predict.

In a recent note to their clients, Deutsche Bank analysts worried that HP may have not choice, because sales of its personal computers, printers and some other business operations are lackluster.

When the Palo Alto technology giant provides a detailed report on its operations during its annual meeting with Wall Street analysts on Oct. 9, it “could contain some harsh medicine,” they said.

“Due to the ongoing pressures across most of HP’s businesses,” they warned, ¬†“we’d expect HP to announce further cost cutting actions at its analyst meeting.”

Noting that HP probably has saved well over $2 ¬†billion from the job cuts it’s already making, the analysts added, “we wouldn’t be surprised if HP were to announce another $1 ¬†billion” worth of cuts.

Hewlett-Packard spokesman Michael Thacker declined comment on the report.

Photo by LiPo Ching/Mercury News

Steve Johnson Steve Johnson (296 Posts)

Steve Johnson covers the microchip industry, cyber security and the big-technology sector that includes Hewlett-Packard, Oracle and Cisco Systems.