HP profits down, to cut another 6,400 jobs

Hewlett-Packard Co. said Tuesday it plans to cut 6,400 more workers — or 2 percent of the company's total work force. The cuts are on top of the 24,600 layoffs HP is doing as part of its huge acquisition of technology services provider Electronic Data Systems, and will come from its product businesses.

Palo Alto-based HP, whose products include PCs, printers, computer servers and toner cartridges, announced the additional cuts Tuesday in a conference call with analysts to discuss the company's fiscal second-quarter results.

HP's chief financial officer, Cathie Lesjak, told analysts the new cuts will be "targeted actions to structurally change and improve the effectiveness of our product businesses," but didn't provide more details. The new cuts will happen over the next year.

HP reported Tuesday that its profit dropped 17 percent to $1.72 billion, while sales fell 3 percent to $27.4 billion, in the latest period.

HP had 321,000 employees as of Oct. 31 of last year, the latest period for which headcount data is publicly available.