HP isn't the only giant announcing bad news for their employees, being followed by Dell in their announcement this morning to cut a large number of jobs. While Dell hasn't explicitly said they are axing employees, they did publish a press release this morning that describes a drop in demand for computer systems, which they claim is affecting their business.
They don't mention if it is enterprise, office or home markets that are "softening" the most. They do mention that the trend will result in Dell taking action if it continues, which of course would mean job cuts among other things.