HP laying off 27,000 workers in restructuring

Associated Press

PALO ALTO, Calif. (AP) — Hewlett-Packard says it's laying off 27,000 workers, 8 percent of its work force, as it restructures the business.

The Palo Alto, Calif., company says it'll save $3 billion to $3.5 billion annually from cost cuts, including the layoffs.

Hewlett-Packard Co. expects to complete the job cuts by the end of fiscal 2014.

Shares are up $1.40, or 6.6 percent, to $22.48 in aftermarket trading Wednesday.

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