HP announced for its second fiscal quarter ended April 30, 2012 net revenue of $30.7 billion was down 3% year-over-year. Net earnings of $1.6 billion were down 31% from $2.3 billion in the same quarter one year ago.

HP also said it will cut 27,000 jobs or 8% of its workforce. The computer maker with nearly 325,000 employee said the job reductions, through layoffs and a voluntary early retirement program, would occur by the end of fiscal 2014. HP said the cuts are expected to save the company $3.5 billion annually.

HP said its HP Financial Services unit revenue of $968 million was up 9.4% year-over-year driven by a 4% increase in net portfolio assets and a 5% increase in financing volume. Pre-tax earnings of $96 million were up almost 16% from $83 million a year earlier. HP said the business delivered a 9.9% operating margin.

Previously on monitordaily: Bloomberg: HP Said to Consider Cutting Up to 25,000 Jobs, published May 18, 2012