Hewlett Packard to cut 30,000 jobs

Struggling Hewlett-Packard will unveil a vast restructuring plan next week that will include axing about 30,000 jobs, Dow Jones’s AllThingsD reported on Thursday.

Struggling Hewlett-Packard will unveil a vast restructuring plan next week that will include axing about 30,000 jobs, Dow Jones’s AllThingsD reported on Thursday.

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HP chief executive Meg Whitman will discuss the first steps in the restructuring next Wednesday when the company reports its quarterly earnings, AllThingsD said, citing sources familiar with the company’s plans.

During a conference call with analysts, Whitman will portray the cuts as necessary “not to bolster HP’s earnings and satisfy shareholders, but rather as a means to make needed investments,” it said.

“The cuts will be carried out over a relatively long period of time, perhaps a year or more.” In February, HP posted a 44% drop in net profit during the first quarter of its fiscal year to $1.5 billion from a year ago.