HP plans to cut up to 16,000 more jobs as CEO Meg Whitman continues to try turning the personal computer company around and relieve pressure on its profit margins, according to Reuters.
The company posted a 1 percent drop in quarterly revenue, as it continues to struggle to maintain its grip on the personal market while protecting profit margins.
The drop marked its 11th consecutive quarterly sales decline, according to Reuters.
Shares in the company dropped down 2.3 percent at $31.78, after the company accidentally posted the results on its website over a half an hour before the closing bell.
HP, whose global operations have over 250,000 employees, originally said it wanted to shed 34,000 jobs as part of a massive corporate overhaul. On May 22, it said around 11,000 to 16,000 more positions had to go.
Jobs will be cut all over the globe, according to Whitman.
The Silicon Valley company wants to cut back more in "areas not central to customer-facing and innovation agendas," Whitman said in an interview, according to Reuters, instead of locations like research.
"That's not what we're doing here. You need to look at the R&D spending, which is up," Whitman added.
HP is trying to cut back its reliance on PCs and move toward computing equipment and networking gear for enterprises.
HP recorded sales of $27.3 billion in the second quarter, which ended April 30. The number fell just shy of the $27.41 billion that analysts from Wall Street had predicted.
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