Hewlett-Packard misses financial estimates, to cut up to 16,000 more jobs

By Kyle Johnson,

Hewlett-Packard Co. revealed on Thursday disappointing financial news and that the company is looking to cut another 11,000 to 16,000 jobs.

The numbers weren't too ugly for the second quarter, as HP had $27.3 billion in sales, just off Wall Street's expectations of $27.41 billion, reports Reuters. The tech company's net income also dipped down to $1.27 billion, off last year's second-quarter results of $1.4 billion.

On top of the lowered second-quarter earnings was the news that HP plans to cut an additional 11,000 to 16,000 jobs on top of the already planned 34,000 as CEO Meg Whitman works on increasing profitability. The Silicon Valley-based company has about 250,000 employees worldwide.

HP shares slipped on Thursday as the financial earnings report was accidentally published online half an hour early ahead of the closing bell, according to Forbes. Stock fell 2.3 percent to $31.78 a share.

Though numbers were down for HP, Whitman didn't seem too upset.

"With the first half of our fiscal year completed, I'm pleased to report that HP's turnaround remains on track," the HP CEO said. "HP is improving its systems, structures and core go-to-market capabilities. We're gradually shaping HP into a more nimble, lower-cost more customer- and partner-centric company."

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