Hewlett-Packard, the world's largest personal computer manufacturer, on Monday notified the US Securities Exchange Commission that it would cut 29,000 jobs by 2014 -- 2,000 more than anticipated.
The company's filing to the regulator came just weeks after its third-quarter report showed losses of some $8.9 billion.
HP has been grappling with a market where more people are relying on smartphones and tablets, rather than the personal computers that turned HP into an industry power over the past few decades.
"We are addressing trends in our businesses and the market by reducing our cost structure and realigning our workforce to create investment capacity, support growth initiatives and innovation, and facilitate more effective operations," HP said.
The company also noted that costs associated with its restructuring would probably reach $3.7 billion. Previously, it had estimated those costs at $3.5 billion.
Most Popular Stories
- American Airlines, US Airways Complete Merger
- ACA Delay Stresses Small Businesses
- Unemployed Wait as Lawmakers Debate
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Dell Offers Undisclosed Number of Employee Buyouts
- General Dynamics Plans 200 New Jobs in N.M.
- Authorities Close to Deal with JPMorgan Chase over Madoff Response
- Questions Remain in Jenni Rivera's Death
- U.S. Stocks Rise on Sysco Acquisition
- Harley Issues Motorcycle Recall