Hewlett Packard/HP has decided to slash 10% of it’s workforce despite third quarter results that surprised Wall Street. HPE will release 5,000 people by the end of the year according to a Bloomberg report.
The cost-saving move made by CEO Meg Whitman, was to shed under-performing divisions and focus on services devoted to artificial intelligence.
Only four years after taking the CEO job, Whitman has split HPE into two divisions: printers and PC’s (HP) and servers and storage(HPE), each worth $50 billion. HPE has had to play catch up with Amazon and Google in the cloud storage competition. Recently, Whitman’s commitment to HPE was in question when her name came up in the discussions for Uber’s CEO job.
Whitman has stated that Uber was not a fit for her and had nothing to do with her situation at HPE.
HPE stock has gone up 3% this year and another 0.6% this week after the announcement, but that is lagging compared to the Nasdaq 100’s 21% gain this year. Whitman has been with HPE for six years and will be with them as long as she wants to be. She stated, “We have a very special opportunity here and we have plenty of work to do.”
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