Compaq Computer announced that it expects to post second-quarter operating earnings in line with Wall Street estimates, but said sales will come in below forecasts and announced further job cuts.
Despite its fourth-quarter achievements, Compaq Computer expects to continue its belt-tightening exercise in Asia-Pacific to enhance profitability.
The new Hewlett-Packard Australia said local contract workers won't share the fate of 4,000 of their peers in North America, who have been sent on an extended summer holiday while the company decides their future.
Merging tech titans Hewlett-Packard and Compaq Computer will cut some 15,000 jobs and in 2002 and 2003 expect a slight revenue decline of their combined sales, the firms said on Tuesday.
Hewlett-Packard will shave up to 600 people off its Australian workforce as a result of the recent merger.
Over the past couple of months there have been both rumours and confirmations surfacing in Australia's tech sector of layoffs, downsizing, and redeployment. Is this just the start?
Compaq Computer shareholders have voted 9-to-1 in favour of a deal which may see Hewlett-Packard acquire Compaq, however, the struggle is not over, with the Hewlett family continuing to campaign vigorously against any merger.
US-based IT industry analyst Giga Information Group, believes job losses resulting from the merger of Hewlett Packard and Compaq have been underestimated greatly.
HP believes that retaining executive talent is what will make the Compaq merger succeed. But history shows that heroes with lofty resumes aren't always enough to turn things around.
Fuelled by Oracle's acquisition of Siebel Systems, Silicon Valley once again asks itself if megamergers are good for the industry.
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