The company’s Q2 figures showed a 3% year-on-year decline in revenue to US$30.7 billion ($31.4 billion).
In response, it said it would trim its global workforce by 8% between now and 2014 – largely through early retirement offers and attrition.
It is expected that the job cuts will be felt in corporation’s Australian printing business.
“We have not yet announced specific plans with regards to specific locations. We do expect the workforce reduction to impact just about every business and region. Beyond this, we unfortunately don’t have any additional information to share at the moment,” HP media relations manager Stephanie Aye told ProPrint.
The Q2 figures also showed HP’s adjusted net income, excluding amortisation of purchased intangibles, restructuring charges and other items, fell 31% to $1.9 billion for the quarter.
During a conference call with analysts to discuss the results, chief executive Meg Whitman said HP was looking to save US$3 billion to US$3.5 billion with the cuts, but said most of that money would be reinvested in the company.
HP had been impacted by a slowdown in commercial printer sales; its Imaging and Printing Group reported a 10% revenue decline. Commercial printer revenue was down 4% year-on-year, with commercial hardware units down 7%.
Consumer printer revenue was down 15% year-on-year, with hardware units down 13% and total printer unit shipment volumes were down 11%.
Whitman told analysts HP had yet to “turn the corner,” but was making progress.
She emphasised HP’s performance at Drupa, noting: “It’s a chance to see our colour inkjet web press and Indigo portfolio in context. You can see customers and potential customers gravitating towards our innovation. And you clearly can see the shift from analogue to digital commercial print happening right before your eyes.
“The market is being disrupted, and we’re leading the charge. I left Drupa with a deeper appreciation for the opportunity HP has to transform that industry.”
She added: “What we see at the highest level is an enormous wind at our backs going from analogue to digital. There’s going to be about 200 billion pages that are going to move from analogue to digital over the next number of years.”
Whitman also touted the progress being made in integrating its consumer printer and PC into one group within the company.
“So far, this is going very well and we see tremendous potential for accelerated growth and efficiencies through common branding, improved marketing, better retail positioning, more attractive product bundles and seamless, best-in-class interoperability.”
ProPrint reported on Tuesday that HP was considering cutting up to 30,000 jobs.
This article originally appeared at printweek.com
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