By: Leslie Shedd, CARLY for America National Press Secretary
November 17, 2015
Shortly after Carly Fiorina took over at HP, the dot-com bust caused a nationwide recession. Like many of its competitors and companies across the country, HP was not immune to this economic crisis. But under Carly Fiorina’s leadership, HP emerged from the recession even stronger.
FACT: In 2001, 1.7 million Americans lost their job.
FACT: The San Francisco Chronicle declared 2001 “The Year of the Layoff.”
FACT: Other top tech companies saw layoffs in 2001 because of the dot-com bust.
• Motorola Cellular Phones: 30,000 Cuts
• Nortel Networks Communications equipment: 30,000 cuts
• JDS Uniphase Fiber-optic components: 16,000 cuts
• Alcatel Telecom equipment: 16,000 cuts
• Cisco Systems Networking equipment: 8,500 cuts
• Compaq Computer Personal computers: 8,500 cuts
• WorldCom Telecommunications: 6,000 cuts
• Dell Computer Personal computers: 5,700 cuts
FACT: In 2002, IBM laid off more than 15,600 employees because of the recession.
FACT: General Electric cut 22,000 jobs from its workforce of 313,000 in 2001. (Alan Clendenning, “GE Cut 22,000 Jobs In 2001; Expects Weak 2002 Business Climate,” Associated Press, 12/18/01)
FACT: HP’s stock price was not an outlier – it mirrored the tech-heavy NASDAQ during Carly’s tenure at HP.
FACT: The NASDAQ did not recover to its dot-com highs for 15yrs – April 2015
FACT: “By the middle of 2002, the NASDAQ would lose about 78% of its value.”
FACT: HP’s stock was on par or outperformed the S&P Information Technology Index.