HP, the world's largest computer manufacturer, has revealed it will cut about 8% of its global workforce in order to cut costs and drive efficiency - equating to approximately 27,000 jobs.




The announcement comes as HP reported a 31% profit decline in its second quarter to £1bn, and revenue dropped 3% to £19.6bn. These jobs cuts should save the company around £1.9bn a year.

Regarding the cuts, Meg Whitman, HP’s chief executive, said:

“While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company."

Meanwhile...

The Daily Mail have similar bad news for its employees, as the Daily Mail & General Trust (DMGT)'s national and regional papers have reported a 24% fall in operating profits, while nearly 600 jobs have been axed in the six months to 1 April, the company reported today.
Q1 saw profits fall by more than a third to £46m, with cuts on titles such as the Daily Mail, Mail on Sunday and Metro newspapers, as well Northcliffe Media, publishers of several regional newspapers.

Staff were publicly warned last year by Martin Morgan, the DMGT chief executive.

"I anticipate that we will have to reduce the headcount as we move into the next financial year," he had said , relating how the "weak consumer advertising environment" and higher newsprint costs were forcing the group to focus on "operational and financial efficiency".