HP to cut up to 16,000 more jobs

[Hum]

 HP  announced Thursday that it will cut an additional 11,000 to 16,000 jobs, after previously revealing plans for 34,000 layoffs.

The news came as part of the company's second-quarter financial results, which were in line with analyst expectations. Shares slipped 2% in after-hours trading Thursday.

HP said the latest layoffs would come across all its business units and geographic locations, and would generate $1 billion in annual savings beyond the $3.5 to $4 billion projected from the previously announced cuts.

"No company likes to decrease the work force, and we recognize that this is difficult for employees," CEO Meg Whitman said in a conference call with analysts. "I think everyone understands the turnaround we're in."

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[Shiranui]

"No company likes to decrease the work force ...

Shareholders love it.

... we recognize that this is difficult for employees

That's an understatement.

[Hum]

^ maybe they can go make $15 an hour at a McDonald's.