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Hewlett-Packard to cut 27,000 jobs by the end of 2014

24 May 2012 Last updated at 23:19 BST

Hewlett-Packard, the world's largest maker of personal computers, is to cut 27,000 jobs by the end of 2014.

The company said the cuts - about 8% of its workforce - would reduce costs by up to $3.5bn (£2.2bn) a year.

HP said in a statement that the money would be reinvested into the company.

Rory Cellan-Jones reports.