HP to cut nearly 16,000 more jobs under multi-year-restructuring plan

The world's second largest PC vendor, Hewlett-Packard is reportedly cutting thousands of jobs as a part of its multi-year-restructuring plan.

According to CNET, HP reported a net income of 1.3 billion dollars, and non-GAAP earnings were 88 cents per share on revenue of 27.3 billion dollars, which was lower than the expectations.

The CEO of the US-based company, Meg Whitman said that the company was improving its systems, structures and core go-to-market capabilities with each passing quarter.

She added that they were gradually shaping the company into a livelier, lower-cost, more customer- and partner-centric company that can adapt with the changing IT scenario, the report added.

The cutting of the employee base is said to be a result of HP's multi-year-restructuring plan which was designed in 2012, to simplify business processes, accelerate innovation, lower costs and deliver better results, the report said.

The company had axed about 34,000 employees since 2012, which would now increase by nearly 16000 more.

The PC market giant has faced a revenue drop on year-over-year basis. The company's software market remained flat but other departments like Software-as-a-Service tickled up a few points.