HP shares down on job losses

<p>HP is to cut thousands more jobs than expected.</p>

The share price of Hewlett-Packard (HP) has fallen slightly today (January 2nd), after the firm revealed it will be cutting thousands more jobs than expected during 2014.

HP previously stated that this year would see its workforce reduced by around 29,000 employees, but this figure has now been increased by a further 5,000.

In a statement, HP said: "Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15 per cent of those 29,000 positions or a total of approximately 34,000 positions."

HP is yet to confirm where the majority of the job losses are expected to take place, but the share price of the company dropped on the back of the news.

During after-hours trading in the US, stocks in the company were 0.02 per cent lower.

HP previously announced that it intends to cut more than 1,000 jobs in the UK over the course of the next fiscal year.

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