HP Will Cut Up to 16K More Jobs

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.

Subscribe to TIME

Get The Brief. Sign up to receive the top stories you need to know right now.

Please enter a valid email address.

* The request timed out and you did not successfully sign up. Please attempt to sign up again.

Sign Up Now

An unexpected error has occurred with your sign up. Please try again later.

Check here if you would like to receive subscription offers and other promotions via email from TIME group companies.

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Service and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you!

For your security, we've sent a confirmation email to the address you entered. Click the link to confirm your subscription and begin receiving our newsletters. If you don't get the confirmation within 10 minutes, please check your spam folder.

Write to Eliana Dockterman at eliana.dockterman@time.com.