HP Stock Hit By Early Statement

HP Stock Hit By Early Statement.

The technology firm Hewlett-Packard (HP) has seen shares drop after its second quarter statement was accidently released before the US stock market closed.

The statement showed that despite a rise in profits of 18% to $1.3bn, the tech giant was planning on cutting 11,000 to 16,000 jobs. As a result HP shares fell by more than 2% in half an hour.

Although this statement was released prematurely, HP did announce in 2012 that as a result of restructuring it was planning on cutting as many as 32,000 staff.

Despite growth HP still saw a drop of 1% compared with a year ago.

The restructuring of HP started in 2012 that was designed to allow them to deliver better results, but at a lower cost by improving innovation and simplifying some processes, the firm are hoping for a good turn around.

The firm had been hit by hard times with a lot of consumers leading away from PC’s in favour of more portable and smaller devices such as mobiles and tablets.