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Tech Spending Slowdown Results in Loss of 1800 More Jobs at HP

Press release from the issuing company

September 26, 2002 --(WhatTheyThink.com) -- Yesterday, Hewlett-Packard said it would cut 1,800 more jobs on top of the 15,000 layoffs announced after its merger with Compaq. News reports from Reuters and Dow Jones both said HP blamed the additional job losses on a slowdown in technology spending. The cuts will be made evenly between HP and Compaq employees Reuters reported that HP CEO Carly Fiorina told customers at a conference in Los Angeles that the technology industry was maturing and that big, low-cost vendors will take the day. However, HP said it is hiring in its profitable services and printing divisions.