HP Will Cut Between 11,000 And 16,000 More Jobs And Earnings Fall Short Of Analyst's Predictions

Hewlett-Packard Co. (NYSE: HPQ) announced Thursday that it would lay off 11,000 to 16,000 employees.

The announcement came on the same day the company accidentally released the first page of its second-quarter earnings report in a press release, according to Forbes.

Last December, the company confirmed it would lay off 34,000, so the new announcement brings the total to at least 45,000.

The earnings report fell short of Wall Street analysts’ predictions as the company reported $27.3 billion in net revenue, which is a 1 percent decrease from the previous year.

However, the press release also reported an increase in personal systems revenue, specifically a 12 percent increase in commercial revenue. Desktop and notebook units were up 6 percent each.

Despite the layoffs and decrease in net revenue, Meg Whitman, president and chief executive officer of HP, remained optimistic in a statement included in the press release.

"With the first half of our fiscal year completed, I'm pleased to report that HP's turnaround remains on track," Whitman said. "With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. 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."

HP said it expects third quarter non-GAAP earnings to be in the range of $0.86 and $0.90 and GAAP earnings to fall between $0.59 and $0.63.