FORTUNE — Despite second quarter earnings that largely met Wall Street estimates, Hewlett-Packard (HPQ) announced it would cut 11,000 to 16,000 jobs, bringing the total number of layoffs during its ongoing restructuring to roughly 50,000.
On Thursday, the tech company posted profits per share of 66 cents on revenues of $27.3 billion, which were down 1% from a year earlier. In comparison, Wall Street had predicted revenues of $27.5 billion. Sales in its personal computer business climbed 7% year-over-year while dropping 4% for printers and 2% in the enterprise division. The news leaked early when HP prematurely distributed its earnings press release more than an hour before the earnings call.
“We think the mix of revenues (strong PCs and weak every other segment) is concerning especially if the PC cycle starts to slow down post the initial benefit from Windows XP end of life cycle,” RBC Capital Markets analyst Amit Daryanani noted in a report.
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The layoffs could also be cause for concern. HP, which remains in the midst of a challenging turnaround under CEO Meg Whitman, had previously projected it would cut 34,000 jobs, double the number it announced in 2012 as part of a major multi-year restructuring plan. The plan was expected to save HP as much as $3.5 billion annually and help the company invest further in areas like research and development, as well as marketing. Now, with the revised layoff figure, the company expects a total of 41,000 to leave by the end of fiscal year 2014 and the remaining number departing the following year.
