HP to cut up to 16,000 more jobs

As part of its second-quarter financial results announcement, Hewlett Packard revealed plans to cut an additional 11,000 to 16,000 jobs,according to CNNMoney.

In 2012, HP announced plans for 34,000 layoffs.

According to CNNMoney, the company is looking to streamline its PC and services businesses while facing challenges involving consumers' shift from PCs to mobile devices.

HP's second-quarter sales were down slightly, while earnings rose from $1.1 billion to $1.3 billion a year earlier. The company's stock has increased 13.6 percent so far this year.

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