HP on Wednesday laid out its plans for a corporate reshuffle in hopes of resolving a dismal financial outlook.
The company said that it would be making changes to a number of organisations as part of the turnaround plan, as executives warned its revenues would decline in the short term.
HP's Enterprise Services branch is expected to be among the hardest hit. The company estimates that over the next fiscal quarter, its services unit will see revenues drop by 11 to 13 percent.
Other changes will include cuts to the printing and personal systems group. HP plans to cut three of its six sales teams and five of its customer support organisations.
Additionally, the company will be eliminating 30 percent of its printing products and 25 percent of its PC offerings over the next two years.
The moves are part of a major rebuilding project HP is undergoing at the behest of chief executive Meg Whitman. Upon taking over for Leo Apotheker in September of last year, Whitman has indicated that the company would need to make changes in its strategic approach to the IT market.
"HP has a powerful set of assets, a culture of engineering innovation and a trusted brand," Whitman said.
"Now, we have to focus on bringing our incredible assets together to deliver for our customers, employees and shareholders."
The short term effects of the campaign, however, have proven a bitter pill for HP's shareholders to swallow. In the last quarter alone, the company posted a $9bn loss.
This was in part due to a write-down of its acquisition of Electronic Data Systems (EDS) back in 2008.
However, numerous areas of its business groups are haemorrhaging cash as sales slumped, although software revenues did increase.
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