San Francisco — Hewlett-Packard said Thursday that it will cut an additional 11,000 to 16,000 jobs, after posting a 1 percent revenue decline in the second quarter.
According to a company statement: “as HP continues to re-engineer the workforce to be more competitive and meet its objectives, the previously estimated number of eliminated positions will increase by between 11,000 to 16,000.”
In May 2012, HP adopted a portion of a multi-year restructuring initiative “designed to simplify business processes, accelerate innovation, lower costs and deliver better results.”
HP had earlier estimated that total restructuring efforts would impact about 34,000 positions. With the newly announced cuts, HP is facing a total layoff base of 45,000 to 50,000 workers since 2011. The company said no further layoffs are anticipated. HP employs about 317,500 worldwide.
At the same time, the company reported revenue was down 1 percent to $27.3 billion, from the same quarter a year ago.
A giant in the PC business, HP has stumbled in recent years as it attempted to transition into mobile devices and Cloud computing systems.