May 22, 2014 Last Updated 4:04 pm

Hewlett-Packard CEO says they will cut their way to prosperity

Previous estimate that it would eliminate 34,000 positions is revised up another 11,000-16,000 job cut

The CEO of Hewlett-Package, Meg Whitman, is proving to be incredibly old school, saying that the tech company would cut, cut, cut.

Saying that the company is on the right track its turnaround efforts, Whitman said that the company’s earlier estimate that it would cut 34,000 positions would be revised up by another 11,000 to 16,000 jobs.

“With the first half of our fiscal year completed, I’m pleased to report that HP’s turnaround remains on track,” said Whitman. “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.”

Whitman has chased to grow – profits, that is – through cutting costs, as revenue continues to stagnate. Reporting its Q2 earnings today, H-P revenue came in at $27.3 billion, down 1 percent from the prior-year. Earnings were up 1 percent.

Of its divisions, Personal Systems performed best, with revenue up 7 percent in the quarter. Printing, however, saw revenue down 4 percent.

HP-earnings-Q2-2014

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