TIME Earnings

HP Will Cut Up to 16K More Jobs

Inside Hewlett-Packard Co.'s Indigo Commercial Printing Unit
Bloomberg/Getty Images An "HP" logo sits on display outside the Hewlett Packard Israel Ltd. production plant in Kiryat Gat, Israel, on Sept. 15, 2013.

The new cuts bring the total job losses to 50,000 under CEO Meg Whitman's restructuring plan

Hewlett-Packard’s second-quarter earnings report sent shares down 2% Thursday, as revenue disappointed investors. The world’s largest personal computer maker also revealed in a SEC filing Thursday that it would cut an additional 11,000 to 16,000 jobs, bringing the total job cuts under CEO Meg Whitman’s restructuring plan to 50,000 since 2012.

The company posted earnings of 88 cents per share (excluding items) on revenue of $27.3 billion. Analysts had expected revenues of around $27.43 billion on the same per share earnings. Revenue was down more than 1% in Q2, marking the hardware maker’s 11th consecutive quarterly revenue decline.

HP shares continued to drop in after-hours trading as news of the job cuts from the company’s SEC filing became public.

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