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Palo Alto tech giant HP announced this weeky that it would cut 27,000 jobs -- or 8% of its global workforce -- by mid-2014, a move that the company said will impact its workforce from the Tri-Valley, across the Bay Area and at its worldwide installations.

An HP spokesperson told the Weekly that the company has not announced any specific plans for Palo Alto's HP workforce, but stated that it does "expect the workforce reduction to impact just about every business and region."

The company also announced Wednesday that its second quarter revenue was $30.7 billion, down 3% from last year's $31.6 billion. Its profits are down 31%, dropping from $2.1 billion to $1.6 billion.

The cuts, along with changes in its business operations, are part of a restructuring program that the company expects will save between $3 and $3.5 billion. HP stated that some of the reductions will come from employees who participate in an early retirement program but did not specify how many.

"These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business," said Meg Whitman, HP president and chief executive officer.

"While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company," she added. "We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders."

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