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May 22, 2014 03:24 PM

HP To Cut 11,000 To 16,000 More Jobs

Palo Alto, CA

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.

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