HP Prepares To Announce Mass Layoffs

By David Goldman and Michal Lev-Ram


NEW YORK -- Hewlett-Packard will announce another round of substantial job cuts Wednesday afternoon in an effort to streamline its teetering PC and services businesses, a source familiar with the plans told Fortune.

The layoffs will be "in the ballpark" of 25,000 workers, the source said, which would amount to about 7 percent of HP's global workforce. The nation's largest technology company by revenue currently employs 349,600 people worldwide, according to its latest regulatory filing.