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See the best of Reuters photography. See more | Photo caption Maxim Hot 100 The world's most beautiful women as chosen by Maxim readers. Slideshow Joplin, one year after May 22 marks the one year anniversary of a deadly tornado that ripped through Joplin, Missouri, killing 161 people. Slideshow HP to lay off 27,000, profit slides 31 percent Tweet Share this Email Print Related News Europe weighs on NetApp's outlook, stock slumps Wed, May 23 2012 Wall Street finishes flat in late reversal Wed, May 23 2012 Dell's strategy questioned as shares dive Wed, May 23 2012 China, new products raise Lenovo Q4 net profit Wed, May 23 2012 Dell results disappoint Street, shares dive Tue, May 22 2012 Analysis & Opinion Did Chesapeake miss Enron lessons? Essential reading: HP loses Dutch tax shelter case, popular deductions on the block, and more Related Topics Tech » Hot Stocks » Asian Markets » Media » Related Video HP cutting 27,000 jobs Wed, May 23 2012 1 of 2. HP logo is seen outside Hewlett-Packard Belgian headquarters in Diegem in this January 2010 file photo. Credit: Reuters/Thierry Roge By Poornima Gupta SAN FRANCISCO | Thu May 24, 2012 4:02am EDT SAN FRANCISCO (Reuters) - Hewlett Packard Co plans to lay off roughly 27,000 employees or about 8 percent of its workforce over the next couple of years to jumpstart growth and save up to $3.5 billion annually, sending its shares 11 percent higher. The company said the layoffs would be made mainly through early retirement and would generate annual savings of $3 billion to $3.5 billion as it exits fiscal year 2014, when the layoffs are expected to the completed. The world's No. 1 personal computer maker, which employs more than 300,000 people globally, also said on Wednesday that it had a 31 percent decline in second-quarter profit and a 3 percent decline in revenue, compared with a year ago. The results, however, were better than Wall Street expectations. Layoffs "adversely impact people's lives, but in this case, they are absolutely critical to the long-term health of the company," Chief Executive Meg Whitman said. "This is broad based," she said in an interview. "By design, it will touch all of HP." Whitman said a third of the layoffs would be in the United States. The company will take a pretax charge of $1.7 billion in fiscal 2012 related to the layoffs. Whitman plans to boost spending on research and development, especially in printing and PCs, with the savings from the cost cuts. Sterne Agee analyst Shaw Wu said the quarter was surprisingly strong for HP, which had missed its own forecast most quarters in the last 18 months and prior to Whitman taking over as CEO. "Everyone expected a miss, given what Dell said," Wu said. "It looks like HP is regaining its footing." Dell shares on Wednesday plunged 17 percent following weaker than expected results and a disappointing revenue forecast spurred fears that global tech spending is weakening faster than anticipated. HP itself has been trying to move past the internal upheaval that marked 2011, including the departure of two chief executives. Whitman, a veteran Silicon Valley executive who took the top job last September, has been trying to turn the company around. Whitman said both business leaders and consumers in Europe were worried about the region's economy, which is hurting HP's business. She warned that the European debt crisis was a big "headwind" the company was facing. HP reported second-quarter net income of $1.59 billion, or 80 cents a share, compared with $2.3 billion, or $1.05 a share, a year ago. Revenue of $30.69 billion was down 3 percent compared with the same period last year. Excluding after-tax costs for amortization, restructuring charges and acquisition-related charges, HP said it earned 98 cents a share, compared with analysts' average estimate of 91 cents, according to Thomson Reuters I/B/E/S. TABLET LAUNCH FOR HOLIDAY Whitman, who has been at the helm for six months, said the company also plans to launch tablets -- for both consumers and corporations -- later this year. "We will have a Windows 8 tablet for the holiday," she said. This would be HP's second attempt in the tablet market. HP killed its previous WebOS-based TouchPad tablet last year after just seven weeks on store shelves, citing poor demand. Whitman also said HP's acquisition of British software company Autonomy for over $11 billion is facing challenges, and results in the division fell short of HP's expectations. HP has moved the division under its chief strategy officer Bill Veghte. Autonomy founder Mike Lynch will be leaving the company. Results from HP's other divisions were also weak. Sales from the personal systems group, encompassing PCs, were flat with a decline in sales to consumers offsetting revenue from commercial clients. Revenue from its bread-and-better printing group, which is being merged with the PC group, fell 10 percent after weak consumer and corporate demand. "We improved the channel inventory to within an acceptable range," Whitman said on a conference call, referring to the printing group. "However, we continue to face a weak demand environment." Sales of enterprise servers, storage and networking equipment fell 6 percent. HP shares rose to $22.35 after hours after ending down 3.2 percent at $21.08. (Reporting By Poornima Gupta; Editing by Bernard Orr) Tech Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (12) sukebe wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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