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Additional Layoffs at HP

On top of the 29,000 job cuts announced in May, Hewlett-Packard Company (NYSE:HPQ) will terminate another 5,000 positions yet again. The world’s largest PC producer blamed “market and business pressures” for the additional job cuts. A total of 34,000 people will be laid off as part of HP’s long term turnaround plan. Depending on market conditions, those layoffs could go higher. The additional layoffs have not affected HP shares negatively.