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Hewlett-Packard to cut up to 16,000 more jobs

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Hwlett PackardTechnology giant Hewlett-Packard (HP) announced an 18% rise in profits to $1.3bn for the second quarter in statement that was accidently released before US stock markets closed.

But the firm said that despite rising profits, it plans to lay off an additional 11,000 to 16,000 workers.

HP had previously announced it would cut 34,000 jobs as part of a restructuring announced in 2012.

Shares in HP fell after the early release of the news.

"I'm pleased to report that HP's turnaround remains on track," said chief executive Meg Whitman in a statement.

"We're gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company."

However, analysts were disappointed by the firm's revenue growth, which fell 1% from the same period a year ago to $27.3bn.

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