Back in 2014 when HP CEO Meg Whitman announced her plans to restructure the company, she estimated that HP would have to cut about 29,000 jobs through 2014. That number slowly crept up to about 34,000 jobs since then and now HP has revised the figure once more. In the company’s fiscal second quarter 2014 earnings, HP said that it plans to cut up to 16,000 more jobs, or as many as 50,000 employees.
“As HP continues to reengineer 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,” the company said, again reiterating its need to cut costs. Whitman said that HP’s turnaround is still on track, however. “We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape,” she said.
HP met analyst expectations on the bottom line, posting an earnings per share (EPS) of $0.88, but reported $27.3 billion in revenue missing Wall Street’s expectations of $27.41 billion.