Computer manufacturer Dell is set to axe at least 7,000 jobs due to falling sales and rising costs as part of a move that will see the firm cut its global workforce by 10%. With tough competition from companies such as Hewlett Packard over recent months, Dell has lost the top spot for pre-built computer sales and now accounts for only 15.2% of the total market, with HP ahead on 19.1%. "While reductions in headcount are always difficult for a company, we know these actions are critical to our ability to deliver unprecedented value to our customers," Mr Dell said. Dell currently employs 78,700 staff worldwide, although the scale of cutbacks in different regions will depend upon current trading and legal considerations. Dell also announced that first quarter profits had actually risen from $762m to $947m, with sales rising 1% over the last three months to $14.6bn.