Shares, down about 35% this yr, fell almost 6% in prolonged buying and selling after the corporate missed second-quarter income and revenue estimates, hit by world lockdowns since February.
Chief Govt Officer Antonio Neri flagged considerations about cautious shoppers and provide constraints throughout a post-earnings name.
Starting July 1, via the rest of fiscal yr 2020, the bottom salaries of the CEO and officers on the govt vp stage might be lowered by 25%, HPE stated.
The board additionally agreed to chop by 25% the portion of the annual $100,000 money retainer entitled by administrators for a similar interval.
HPE will now concentrate on investments and realign its workforce to evolve with its provide chain and actual property methods, in addition to right-size the enterprise.
“My expectation is at the least 50% of our staff won’t ever come again to an workplace,” Neri stated on the decision.
HP, which in April withdrew its 2020 forecast, posted second-quarter adjusted earnings of 22 cents per share, lacking the common analyst estimate of 29 cents, in response to IBES knowledge from Refinitiv.
Income of $6.01 billion additionally missed estimate of $6.29 billion.