HP to cut 9,000 jobs and invest $1 billion in cloud computing

"Over the past 20 months, we focused on integrating EDS and improving profitability," Iannotti. "These next generation services will enable our clients to benefit from the combined technology and services leadership that only HP offers."

HP said it would save between $500 and 700 million annually by consolidating its operations.

Cross-posted from Hillicon Valley.