HP to cut up to 16,000 more jobs

NEW YORK (CNNmoney)- The ax is falling once again at Hewlett-Packard.HP (HPQ, Fortune 500) announced Thursday that it will cut an additional 11,000 to 16,000 jobs, after previously revealing plans for 34,000 layoffs.

The news came as part of the company's second-quarter financial results, which were in line with analyst expectations. Shares slipped 2% in after-hours trading Thursday.

HP originally announced the layoff plans in 2012 in an effort to streamline its teetering PC and services businesses. The company has been contending with consumers' shift from PCs to mobile devices, as well as a declining printing business and some ill-fated acquisitions.

Meg Whitman took over as CEO of the company in late 2011, inheriting a bloated company in need of restructuring.

So far, she seems to be having some success -- HP's second-quarter sales dropped slightly versus last year, but earnings rose from $1.1 billion to $1.3 billion. The company's stock had increased 13.6% so far this year as of Thursday's close -- making it a Top Four performer in the CNNMoney Tech 30 index.

Oddly, HP's earnings were released early at around 3:30 p.m. ET. Companies typically release their financial statements after the stock market closes at 4 p.m. ET. HP did not provide an explanation for its early release.


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