HP is cutting another 16,000 jobs despite increased profits

Hewlett-Packard reported increased profits Thursday as its PC business turned in a strong quarter, but the company will slash thousands more jobs to reduce costs. HP has already cut 34,000 jobs as part of a plan to boost profits announced two years ago. It will now cut an additional 11,000 to 16,000 jobs to make its workforce “more competitive,” it said. It announced the cuts along with its earnings report for the quarter ended April 30. HP’s profit for the period was $1.27 billion, up 18 percent from a year earlier, on revenue of $27.3 billion, which was down 1 percent.