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HP Extends Job Cuts

Stocks in this article: HPQ

NEW YORK ( TheStreet) -- HP (HPQ - Get Report) expects to cut 29,000 jobs as part of the tech giant's wide-ranging restructuring plan, 2,000 more than its prior forecast, the company revealed on Monday,

The Palo Alto, Calif.-based company will make the cuts through fiscal 2014, according to a filing with the Securities and Exchange Commission.

HP expects to record restructuring charges of around $3.7 billion through the end of the company's fiscal 2014. Of that amount, around $3.3 billion relates to the work force reductions and a voluntary enhanced early retirement program for U.S. employees, and around $400 million is related to items such as data center and real estate consolidation.

In May, HP announced plans to cut 27,000 jobs, 8% of its total work force as CEO Meg Whitman attempts to turn the tech giant's fortunes around. Last month, HP also made a series of personnel changes in its underperforming Enterprise Services (ES) division.

Shares of HP, which recently missed Wall Street's third-quarter revenue forecast and lowered its fiscal 2012 guidance, slipped 0.23% to $17.38 before market open on Monday.

--Written by James Rogers in New York.

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