Hewlett-Packard Reports $1.6 Billion Profit, Gets Ready to Print 27,000 Pink Slips

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schwit

The $1.7B is a one time write off. HP is bleeding badly.

The old HP wouldn't touch the mediocre consumer PC and printer crap they've been selling for the past 10 years. It's certainly not the HP of old whose brand was on par with what Apple has today.

They need to get out of the consumer business. They need to do the same thing that IBM did and focus on higher-end corporate systems.

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troyboy731

I would nearly die if my company made 50mil profit let alone 1.6bil in just one qtr. so uhhhhh. fuck HP those assholes would bitch if they lost lost a $20 bill out their wallet. Has anyone ever told a corporate empire that the more money you make equals more taxes?

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Engelsstaub

This is why I'm happy that most MPC-readers are system builders. These jagoffs don't need anyone's money. They only needed to get out of the PC business back when they said they did.

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JohnP

Damn shareholder leeches. Skim the company, rake in the profits, and to hell with the future growth of the company. Sad day when financing is more important than making good products. Put capital gains at 50% and the companies would be so much better off.

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Pruneface

Thats why Warren Buffet was paying less taxes (percent-wise) than his secretary: he made his money through capital gains, which are taxed at a lower percent.

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someuid

I was working for a small company in 2000-2001 that had to go through a round of layoffs. For the US employees, they just tapped you on the should, asked you to come to the briefing room, handed you your packet, and escorted you from the building. No notice - just a forced departure a dozen at a time.

The one European sales and service support person we had was pretty much safe from all this. The company had to petition a judge to lay him off and decided what they would save in salary wasn't worth it after lawyer fees. He kept his job until the company was bought out by a competitor.

I envied that guy - he wasn't disposable.

I'm sure that if every single employee in the US was covered in such a way, it would make a total mess out of our economic model we have here.

But when a company brings in $1.6 billion (in 3 months!) after paying expenses and shareholders, then lays off 27,000 people, I find myself marking the box next to Obama's name on my absentee ballot (which is sitting on my kitchen counter at home right now) and not carring how much pain him and the Democrats have in store for big business.

I'm all for earning your way in life and free market economics, but crushing the little guy without any solid reason other than 'oh the numbers are a bit off from last year' isn't what this country was built on. It isn't something I want to be a part of. There has to be a better solution than simply devistating the live of 27,000 people when the business is on very solid ground.

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randomgeek

And you think voting for Obama will get these peoples jobs back?
Ask the people who use to work at Solyndra.

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Engelsstaub

I don't think this poster thought that voting for Obama would get their jobs back. I think it was more of a commentary on who was going to give even bigger tax-breaks to corporate pricks like this while the working class bears the highest percentage of the nation's tax burden.

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Engelsstaub

Best thing I've read so far today. Kudos.

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RaptorJohnson

I remember reading a Dilbert where Dilbert's company came to the conclusion that, because they increase revinue with each employee laid off, they eventually could fire enough employees to make a profit without actually making any products.

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jonnyohio

Lol

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iheartpcs

My computer shop will no longer be selling HP products.

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rayatwork05

not a smart move from a business perspective! HP is #1 seller and with 27k jobs gone, bigger rebates!

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iheartpcs

It's all I can do to make a stand against corporate greed. My sales of HP products is a small percentage of my total sales.

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Zoandar

Rake in billions in profit. Check. Lay off the 27,000 hard working employees whose dedication and time spent away from their families made it happen. Check. Our day is done. OK, lets ride in our limousines to the airport to fly our private corporate jet to Hilton Head for a round on the back 9 to celebrate. Those layoffs might just cover our yearly greens fees.

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Ghostryderflyby

They still have to have people to make their products, so I'd bet money those 27,000 jobs they are axing are the last remaining U.S. HP jobs. They will then promptly hire 27,000 people from China, pay them 1/8th what they were paying their U.S. employees, and walla. There is their cost savings and restructuring.

If companies don't stop farming all of their labor out to overseas "slave" labor, there won't be any consumers left with jobs in America to buy their products anymore.

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Captain_Steve

Heh...job creators...

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