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Tech giant cutting 6,000 jobs

Thursday, July 26, 2001 | 11:02 a.m.

SAN JOSE, Calif. -- High-tech giant Hewlett-Packard Co. lowered its sales forecasts yet again today and said it is slashing 6,000 jobs, more than 6 percent of its work force, because consumers worldwide are spending even less on technology than expected. Its stock price fell more than 5 percent.

The job cuts come on top of 4,700 already announced this year and also follow several warnings that results would be worse than previously thought.

HP CEO Carly Fiorina said she expects revenues in the third quarter to decline 14 percent to 16 percent from the same time last year.

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