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TECH SLOWDOWN HP Tries Range Of Cost-Cutting Plans Amid Shortfall.(INTERNET & TECHNOLOGY)
Byline: Sheila Riley
If it's a tech company, odds are it's trimming the fat. Or trying to.
Among the companies with the most pressing need to lower costs is Hewlett-Packard Co.
How is HP doing this?
Its recent job cuts have gotten most of the attention. The company last week said it's axing 6,000 people, or 6.5% of its work force, one of the few large layoffs in HP history.
But pink slips are just one part of a much bigger effort. Aside from the savings from those job cuts, HP says it will cut spending by $1 billion -- that's with a "b" -- by May. That's $2.74 million less per day.
The company is attacking the problem from many angles. It has many smaller efforts under way, but two big projects are at center stage in its cost-cutting dance.
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