(Bloomberg) -- International Business Machines Corp. cut an unspecified number of jobs across the U.S., eliminating employees in at least five states. The company declined to comment on the total number, but the workforce reductions appear far-reaching.“IBM’s work in a highly competitive marketplace requires flexibility to constantly add high-value skills to our workforce. While we always consider the current environment, IBM’s workforce decisions are in the interest of the long-term health of our business,” company spokesman Ed Barbini said Thursday in a statement. “Recognizing the unique and difficult situation this business decision may create for some of our employees, IBM is offering subsidized medical coverage to all affected U.S. employees through June 2021.”Based on a review of IBM internal communications on the Slack corporate messaging service, the number of affected employees is likely to be in the thousands, said a North Carolina-based worker who lost his job along with his entire team of 12. “This was far ranging -- and historical employment ratings, age and seniority did not seem to matter,” he said. The person asked not to be identified on concern that speaking publicly may impact his severance package.The cuts also affected employees in Pennsylvania, California, Missouri and New York, where IBM is based, according to people familiar with the matter.Another worker who lost his job said the reductions mostly focus on IBM’s North American workforce. Half of his 70-person department were cut on Thursday and told their last day with the company will be June 22. The person asked not to be identified discussing a sensitive topic. The tech industry has suffered widespread job losses after the coronavirus pandemic triggered a severe recession. Airbnb Inc. and Uber Technologies Inc. have cut about a quarter of their workforces. Earlier on Thursday, Hewlett Packard Enterprise Co. said it will eliminate some employees to save money, while Dell Technologies Inc. suspended several staff benefits. It’s unclear how many of IBM’s cuts are caused by the pandemic. The company has suffered years of falling revenue. In an earnings call in January, IBM discussed reducing costs through “aggressive structural actions” to improve the competitiveness of its Global Technology Services consulting unit, which represents about a third of revenue.In online forums Thursday, dozens of newly unemployed IBM workers, some who said they had been with the company for more than 20 years, lamented the situation and expressed fear over finding a new job in a recession. “With the Covid situation, it will be hard to find new opportunities,” one wrote.(Updates with HPE cuts in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

The U.S. death toll from the coronavirus that causes COVID-19 edged closer to 100,000 on Friday, as the news emerged that the Centers for Disease Control and Prevention has been combining the results of two different types of tests for the illness in a move that has been sharply criticized by health experts.

Chief Executive Officer Antonio Neri flagged concerns about cautious consumers and supply constraints during a post-earnings call. Beginning July 1, through the remainder of fiscal year 2020, the base salaries of the CEO and officers at the executive vice president level will be reduced by 25%, HPE said. HPE will now focus on investments and realign its workforce to evolve with its supply chain and real estate strategies, as well as right-size the business.

Hewlett Packard Enterprise Co. shares slipped about 5% in after-hours trading Thursday after the computing giant reported fiscal second-quarter results that fell short of Wall Street estimates.

Shares of Hewlett Packard Enterprise (NYSE: HPE) slumped on Friday after the company reported fiscal second-quarter results that missed the mark and announced plans to slash costs over the next three years. HPE reported second-quarter revenue of $6.0 billion, down 16% year over year and $280 million below the average analyst estimate. Revenue in the computer segment, HPE's largest, was down 19% to $2.6 billion.

(Bloomberg) -- Hewlett Packard Enterprise Co. reported declining sales and announced it would cut jobs and reduce executive pay, saying the coronavirus pandemic has disrupted supply chains for data-center hardware.Revenue fell 16% to $6 billion in the period ended April 30, the San Jose, California-based company said Thursday in a statement. Analysts, on average, expected $6.19 billion, according to data compiled by Bloomberg. Profit, excluding some items, was 22 cents a share, compared with an average estimate of 28 cents.The company said it was putting in place a plan to cut costs, with a goal of $1 billion in savings by the end of fiscal 2022. Measures will including simplifying its product portfolio and supply chain as well as changing customer support, marketing efforts and real estate strategies, HPE said in the statement.“It definitely was a tough quarter by every measure and I’m disappointed in the performance, but I don’t see this as an indication of our capabilities,” Chief Executive Officer Antonio Neri said in an interview. “This was clearly driven by supply chain disruptions because of coronavirus,” including a shortage of chip components from China, disrupted logistics and social-distancing guidelines in some regions.Neri said he expected HPE’s sales to “recover sequentially,” with the third quarter posting better results than the second and the fourth improving further. Still, he said, it’s unknown just how bad the economic downturn will be.The company withdrew its annual profit forecast last month, citing uncertainty from the Covid-19 pandemic, which has forced millions of people to stay home to prevent the spread of the virus.HPE shares dropped about 5% in extended trading after closing at $10.36 in New York. The stock has dropped 35% this year.Neri has struggled to spark sales growth at the computing and networking company, which has seen year-over-year revenue declines in all but one quarter since the company split from HP Inc. in 2015. Competing with larger hardware rival Dell Technologies Inc. and dominant cloud-computing companies such as Amazon.com Inc. and Microsoft Corp., HPE has hitched its future to edge computing, which distributes data-processing capacity closer to customers rather than at centralized data centers. More immediately, the company has sought to support sales by offering $2 billion of financing for clients trying to preserve cash in the pandemic.Under the company’s three-year plan to reduce expenses, senior executives including Neri will take 20% to 25% cuts to their base salaries and the board reduced each director’s cash retainer by 25% from July to the end of the fiscal year. The hardware maker will consolidate offices where possible, Neri said. He expects more than half of HPE’s employees won’t return to the office full time, instead dropping in for meetings and collaboration when necessary.The number of employees who may lose their jobs under the cost-cutting plan hasn’t been determined, Neri said. The company will spend the next few months working out the details and evaluating how much it can save in other areas. HPE has already instituted some temporary pay cuts and has frozen employee raises and promotions, executives said on a conference call after the results were announced.In the fiscal second quarter, revenue declined in all of HPE’s business segments. Server sales dropped 20% to $2.64 billion and storage hardware fell 18%. Neri said the company saw “steady” demand from large enterprises while small and mid-sized businesses struggled. HPE wasn’t able to produce as much data-center hardware as clients were ordering, he said.HPE’s integration of supercomputer maker Cray is on track and should yield synergies by 2021, executives said on the call.(Updates with additional details starting in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

HP Enterprise (HPE) delivered earnings and revenue surprises of -29.03% and -7.21%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?

HPE earnings call for the period ending April 30, 2020.

In announcing a three-year “Cost Optimization and Prioritization Plan” Thursday to save more than $1 billion after a lousy quarter wracked by COVID-19, HPE executives unveiled yet their latest scheme to cut costs — much to the chagrin of Wall Street analysis.

Hewlett Packard (HPE) Q2 results hurt by supply chain constraints and delays in customer acceptance caused due to coronavirus-led disruptions.

HP Enterprise, already one of the year’s worst-performing technology stocks, is down sharply in late trading Thursday on disappointing financial results for the April quarter.

The number of deaths from the coronavirus that causes COVID-19 rose above 353,000 on Wednesday, as the World Health Organization said the Americas are at the center of the pandemic following surges in infections in Brazil, Peru, Chile and others in the past few days.

Q2 2020 Hewlett Packard Enterprise Co Earnings Call

Hewlett Packard Enterprise shares tanked after missing second quarter top- and bottom-line estimates.

Aruba is expanding its Instant On product family to include a new series of switches to enable a unified, high-speed network for small businesses.

The computing giant has already culled spending, and the company could still hit a wall that does more damage than just spending the money might.

Learn the story behind General Motors’ three largest individual shareholders, from how many shares they hold to where they got their start in the company.

Shares of Hewlett Packard (NYSE:HPE) fell 5% in after-market trading after the company reported Q2 results.Quarterly Results Earnings per share were down 47.62% year over year to $0.22, which missed the estimate of $0.30.Revenue of $6,009,000,000 declined by 15.96% from the same period last year, which missed the estimate of $6,320,000,000.Details Of The Call Date: May 21, 2020Time: 05:00 PMView more earnings on HPEET Webcast URL: https://investors.hpe.com/q2-fiscal-year-2020-hewlett-packard-enterprise-earnings-conference-callPrice Action 52-week high was at $17.5952-week low: $7.43Price action over last quarter: down 15.50%Company Profile Hewlett Packard Enterprise is a supplier of IT infrastructure products and services. The company operates as three major segments. Its hybrid IT division primarily sells computer servers, storage arrays, and Pointnext technical services. The intelligent edge group sells Aruba networking products and services. HPE's financial services division offers financing and leasing plans for customers. The Palo Alto, California-based company sells on a global scale and has approximately 66,000 employees.See more from Benzinga * Price Over Earnings Overview: Hewlett Packard * Benzinga's Top Upgrades, Downgrades For March 31, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Yahoo Finance catches up with HP's CEO Enrique Lores fresh off its second fiscal quarter earnings report.

Hewlett Packard Enterprise (NYSE: HPE), while announcing its Q2 2020 results, said it would temporarily slash salaries and carry out job cuts. What Happened As sales decline due to the ongoing coronavirus pandemic, HPE, the maker of business technology hardware and software, will institute measures to effect a turnaround.The company's overhaul plan is expected to save it $1 billion by 2022.The salary cuts would mostly affect senior executives and will take place between July 1 and October 31, 2020. "We are going to cut salaries, that's not an easy thing to do," said HPE CEO Antonio Neri during a conference call with analysts. He added, "I don't take that lightly."No specifics on job cuts have been forthcoming from HPE, but a company spokesperson told Fortune that HPE would be "working through the details in the next couple months as we evaluate the various areas where we can drive savings."Why It Matters According to Fortune, HPE on its own and also as a part of the Hewlett Packard conglomerate, has laid off thousands of workers as a changing technology landscape means a fall in demand for servers and computer storage devices.In the previous quarter, HPE sales fell 16% on a year-over-year basis to $6 billion. The CEO attributed the decline to the disruption in the supply chain, causing the inability of HPE to ship products rapidly. He said, "We ship three servers every minute, so when the supply chain stops, it's pretty significant."Neri also said that shelter-in-place orders have made it difficult for HPE employees to install supercomputers at customer premises, which significantly affected the revenue. The CEO expressed some optimism for the future saying, "China is pretty much back to normal." This would mitigate some of the disruptions to the company's supply chain.HP Price Action HPE shares traded 5.41% lower at $9.80 in the after-hours session on Thursday. The shares had closed the regular session 0.78% higher at $10.36.Image Credit: Wikimedia.See more from Benzinga * Trump Wants To Attend SpaceX Launch Of Astronauts Into Space, Jokes He Would Like To Put Reporters Into The Rocket * IBM's Announces Company-Wide Job Cuts As New CEO Attempts Restructuring * China's Failure To Set Growth Target For 2020, Rising Geopolitical Tensions Lead To Drop In Oil Prices(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.