Hewlett-Packard Job Cuts Aid Stock Amid Turnaround Push
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Chief Executive Officer Meg Whitman, still struggling to turn around Hewlett-Packard Co., is opting for more job cuts, a move that boosted shares the most in six months.
After reporting an 11th straight quarter of declining sales, Whitman is propping up profit by paring as many as 16,000 more employees, on top of 34,000 already announced. While she has stabilized Hewlett-Packard after years of management upheaval and presided over a 39 percent share climb since taking over in 2011, the company is facing its third straight drop in annual revenue.