Hewlett Packard Enterprise lays out $1 billion savings plan, pay cuts

Hewlett Packard Enterprise on Thursday unveiled a plan targeting gross savings of at least $1 billion (817.5 million pounds) by 2022 and cut the base salaries of top executives by 25 per cent as the software maker seeks to weather the coronavirus crisis.

Shares, down about 35 per cent this year, fell nearly 6 per cent in extended trading after the company missed second-quarter revenue and profit estimates, hit by global lockdowns since February.

Chief Executive Officer Antonio Neri flagged concerns about cautious consumers and supply constraints during a post-earnings call.

Beginning July 1, through the remainder of fiscal year