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Tech

Hewlett-Packard To Slash Up To 16,000 More Jobs

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A sign at Hewlett-Packard headquarters in Palo Alto. (John G. Mabanglo/AFP/Getty Images)

A sign at Hewlett-Packard headquarters in Palo Alto. (John G. Mabanglo/AFP/Getty Images)

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PALO ALTO (AP) — Hewlett-Packard says it is cutting another 11,000 to 16,000 jobs, above a target of 34,000 the company outlined in a multi-year restructuring plan in May 2012.

The company said in a release that the increased cuts come “as HP continues to reengineer the workforce to be more competitive and meet its objectives.”

The company also reported that net income in the second quarter to April 30 rose 18 percent to $1.27 billion, or 66 cents per share.

Excluding certain items, adjusted earnings were 88 cents per share, meeting the expectation of analysts polled by FactSet.

Revenue fell 1 percent to $27.31 billion, below the $27.43 billion analysts expected.

The quarterly results were unexpectedly released early before markets closed. HP’s stock dropped 74 cents, or 2.3 percent, to close at $31.78.

 

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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