World's largest manufacturer of personal computers said that its revenue was down 3 pc in the quarter which ended on Apr 30 to $27.4 billion.
"We will be taking some targeted action to structurally change and improve the effectiveness of our product businesses. These actions will result in the elimination of approximately two per cent of the HP workforce as we further streamline and simplify our organization and supply chain. These actions will be implemented over the next 12 months," said Cathy Lesjak, HP's Chief Financial Officer.
HP had about 321,000 employees in Oct, 2008.