In May 2012, the company said it would cut 27,000 positions globally, 9,000 of them in the U.S. By September, that number had grown to 29,000. In an in an SEC filing last month, HP said it has already shed 22,700 workers, though it allowed that the final total could vary by 15 percent. The cuts are expected to be completed by this time next year.
“After 2014, we are not going to do another big restructuring,” Whitman told the analysts. She said the company won’t see revenue growth next year, as previously promised, but that the revenue decline should “stabilize.”
“Fiscal 2014 will be a pivotal year,” she said. “In fiscal 2015, you can still expect to see acceleration, and in fiscal 2016, an industry-leading company.”
Some analysts were pleased with Whitman’s focus on growing lines of business — networking, servers and software – as the market declines for its traditional strengths — PCs and printers. However, others wonder whether Whitman can pull the company’s disparate product lines together.
Whitman remains upbeat. “We are managing a portfolio of businesses that, when managed properly, will position HP well into the future,” she said.