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HP to cut 11,000 to 16,000 more jobs

PALO ALTO, Calif. (AP) — Hewlett-Packard says it is cutting another 11,000 to 16,000 jobs, above a target of 34,000 the company outlined in a multi-year restructuring plan in May 2012 and offered an outlook that was below expectations.

The company said in a release that the increased cuts come ‘‘as HP continues to reengineer the workforce to be more competitive and meet its objectives.’’

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HP said it had 317,500 workers at the end of October, when it was partway into its restructuring.

HP’s CEO, Meg Whitman, said in a statement that the company’s turnaround ‘‘remains on track.’’

‘‘We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete,’’ she said.

The company also reported that net income in the three-month period ending April 30 rose 18 percent to $1.27 billion, or 66 cents per share.

Excluding special items such as restructuring charges, adjusted earnings were 88 cents per share, meeting the expectation of analysts polled by FactSet.

Revenue fell 1 percent to $27.31 billion, below the $27.43 billion analysts expected.

HP’s quarterly results were unexpectedly released early, before markets closed. HP’s stock dropped 74 cents, or 2.3 percent, to close at $31.78 and fell another 1.4 percent to $31.33 in after-hours

The company said it expects adjusted earnings of 86 cents to 90 cents per share in the current quarter, with the midpoint a penny below the 89 cents analysts are looking for. HP said full-year adjusted earnings will be between $3.63 and $3.75 per share. The midpoint is two cents below analysts’ expectations of $3.71 per share.

Personal computer sales —HP’s largest source of revenue— rose 7 percent to $8.2 billion as buoyant sales to businesses offset a slight consumer decline. Companies like Microsoft Corp. have shown a similar uptick as corporate clients upgrade computers due to the end of support for the nearly 13-year-old Windows XP operating system.

Printing revenue fell 4 percent to $5.8 billion. Enterprise group revenue fell 2 percent to $6.7 billion while enterprise services revenue fell 7 percent to $5.7 billion.

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