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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (887922)9/15/2015 4:51:07 PM
From: Broken_Clock  Read Replies (2) of 1577191
 
Hewlett-Packard To Fire 30,000


Submitted by Tyler Durden on 09/15/2015 16:39 -0400


Remember when Hewlett-Packard announced it would fire 58,000 in February just so the company could spend billions on stock buybacks?



Well, since Meg Whitman clearly needs to spend even more on buybacks, another 30,000 just lost their jobs. Just out from Bloomberg:

  • HPE CFO SEES 2.7BN RESTRUCTURING LEADING TO 25K-30K JOB CUTS
  • HP: BY 2018 40% OF ES EMPLOYEES WILL BE IN HIGH-COST LOCATIONS
More details from Bloomberg on the latest restructuring bloodbath out of Hewlett-Packard :

  • sees FY16 FCF $2b-$2.2b, with normalized FCF $3.7b.
  • Sees FY16 adj. EPS $1.85-$1.95
  • Sees FY16 operating cash flow $5b-$5.2b
  • Sees cutting 25k-30k jobs as part of restructuring, with GAAP charges $2.7b
  • Sees returning at least 50% of FCF to holders through ~$400m in dividends and the remaining in share repurchases
  • Says will consider strategic partnerships, investments and M&A “in the right circumstances”
  • Earlier, co. said sees HPE cloud rev. ~$3b in FY2015 growing over 20% with similar pace expected over next “several years”
  • Said enterprise services business on target for 7%-9% oper. margin target and for reducing $1.4b in costs for 2015; sees similar cost reduction pace continuing next year
And so, dear 30,000 formerly-well paid computer engineers and technicians: welcome to the fast-food recovery. And don't forget to BTFD with all that spare cash.

Now, where is that 25bps rate hike because the economy is just too strong...
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