HP to Cut Another 11,000 to 16,000 Jobs

Hewlett-Packard CEO Meg Whitman. (Photo: Paul Sakuma AP)
Hewlett-Packard CEO Meg Whitman.
(Photo: Paul Sakuma AP)

Hewlett Packard is bracing to slash an additional 11,000 to 16,000 jobs after it announced a dip in revenue for its second quarter.

The computing giant, which is in the midst of a long restructuring program by CEO Meg Whitman, on Thursday said revenue was down 1%, to $27.3 billion, from the same quarter a year ago.

HP had previously announced plans to cut 34,000 jobs.

The company employs about 317,500 worldwide.

HP posted earnings of 88 cents per share, excluding items. Analysts had expected the earnings of 88 cents a share on $27.41 billion in revenue, according to a consensus estimate from Thomson Reuters.

The total layoffs are roughly twice what HP CEO Meg Whitman initially anticipated when she undertook a 5-year turnaround plan at HP in late 2011.

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Source: USA Today | Jon Swartz

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