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Hewlett-Packard to Cut An Additional 11,000-16,000 Jobs

It was announced late Thursday that Hewlett-Packard will cut an added 11,000 to 16,000 jobs around the world after originally announcing 34,000 cuts, according to CNN Money.

The news of the additional cuts comes on the heels of the company’s financial results for the second quarter. HP shares increased by five-percent on Friday after dropping in trading after hours on Thursday night.

HP announced that the new layoffs will come from all of its business groups and multiple geographic locations. The layoffs will help HP generate $1 billion in annual savings on top of the $3.5 to $4 billion in savings projected from the initial cuts announced.

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“No company likes to decrease the work force, and we recognize that this is difficult for employees,” CEO Meg Whitman said. “I think everyone understands the turnaround we’re in.”

The initial layoffs were announced back in 2012 in an effort for HP to streamline its services and PC sectors. HP has been battling with the shift from the personal computer to the mobile device by consumers. The company has also been trying to combat a drop in its printing business.

As of late in 2013, HP had some 317,500 employees across the globe. Executives from the company said late Thursday that they did not expect any further round of cuts.

Whitman became the company’s CEO in 2011 and was thrust into a company that needed to be restructured.

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