Widespread reports on Hewlett-Packard (HP) splitting into two individual companies have tech firms buzzing with speculations, wondering if the move might just be a simple rebranding, a necessary cost-cutting measure or worse, if it will result to massive job cuts.

HP CEO Meg Whitman, recently announced its move at its technology event, 'HP Discover 2015' in Las Vegas last week. She stated that the move will result to two individually listed companies, HP Inc. (printers and PC's) and Hewlett-Packard Enterprise (servers and services), effective November 1^st.

"We wanted to build on the past and create a brand that supports the business we are today and helps define what we will become in the future. We wanted to create an identity that also represents our simpler structure and more focused portfolio," she said.

The CEO added that the move will be beneficial for the company to be more effective in providing simpler ways for its customers and business partners, as it streamlines its processes, with emphasis on engineering and innovations.

In an interview on Bloomberg Television, HP CEO Whitman also commented that layoffs will continue with the split. However Whitman stated that the transition will most likely include a shift of offshore jobs as well.

"There will be some more restructuring costs as we continue to be effective and lean and competitive on the world stage. This is now a global company and we have to be competitive. We're very thoughtful about this but what I know is, if we don't get our cost structure right, this won't be the happy ending that we all know it can be," said CEO Whitman.

HP has had a constant string of layoffs when it acquired EDS Electronic Data Systems back in 2008 and even in the last couple of quarters, it has continued with thousands of job cuts across the company.

Financial reports also show HP's constant drop in revenue in the past several years. However Whitman foresees an increase in operating net income up by 7% to 9% after the split.