Computer maker Hewlett Packard released its earnings report for fiscal year 2014 earlier this week, reporting worse-than-expected financial results.
The company's revenue was priced at $28.6 billion, down five percent from the prior year, while its net income fell to $1.37 billion down from $1.43 billion during the same time period, BBC reports.
"While we were able to manage the impact of currency in the quarter and deliver earnings as expected, we believe the impact on [full year 2015 earnings] will be significantly greater than we anticipated in November," Hewlett Packard chief executive Meg Whitman said, according to the site.
She added that although the firm would work hard to offset currency impacts, "fully mitigating currency movements of this size would require reducing investments and mortgaging our future".
Job cuts at Hewlett Packard largely began last October when the company announced it would break up into two smaller groups. These would include one focused on computers and printers with the other specializing in hardware support.
The company mentioned that the strengthening of the United States dollar contributed to unfavorable fiscal results.
"Enterprise services are down 11%, software is down 5%, as was imaging, and printing margins in these three divisions were also lower than the market expected," IG market analyst Evan Lucas said, BBC also reports.
"It's a tough time at HP."
