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HP earnings in line, to cut an additional 11,000-16,000 jobs

Hewlett-Packard reported earnings that met estimates, though revenue was just slightly below expectations. The company also said it would cut an additional 11,000 to 16,000 jobs.

The extra cuts bring the total for its restructuring program to as many as 50,000.

The company posted earnings of 88 cents per share, excluding items, on revenue of $27.3 billion.

Analysts had expected the company to report earnings excluding items of 88 cents a share on $27.41 billion in revenue, according to a consensus estimate from Thomson Reuters.

The company also forecast third-quarter earnings of 86 cents to 90 cents per share, versus a Wall Street estimate of 89 cents per share.

Shares edged down slightly in after-hours trade.

The Hewlett-Packard logo is displayed on a sign at the company's headquarters in Palo Alto, Calif.
Tony Avelar | Bloomberg | Getty Images
The Hewlett-Packard logo is displayed on a sign at the company's headquarters in Palo Alto, Calif.

(Click here to get the latest quotes for HP.)

Investors have been watching how well the company is adapting to declining personal computer sales, and unstable demand from corporations and government agencies.

Finding new markets to replace HP's dwindling PC revenues could be tricky, but the company has on different recent occasions announced intentions to pursue some new avenues. HP plans to enter the 3-D printing business as early as June, CEO Meg Whitman said at the company shareholder meting last March, and CTO Martin Fink announced earlier this month the company is investing $1 billion over the next two years to build out its line of cloud computing products and services.

The Palo Alto-based computer pioneer also wrapped up some thorny legal disputes over the last few months. It shelled out more than a $100 million to settle claims it had bribed officials in foreign countries to win lucrative contracts, and another $57 million to settle a lawsuit claiming the company had defrauded shareholders.

Correction:

The headlines of this story have been updated to reflect the correct comparison for HP's revenue results.

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