HP Extends Job Cuts

NEW YORK ( TheStreet) -- HP ( HPQ) 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.

>To submit a news tip, send an email to: tips@thestreet.com.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices

More from Technology

China Makes Good on Car Tariff Pledge, Tesla Wins Big

China Makes Good on Car Tariff Pledge, Tesla Wins Big

Venture Capital Funding Surges 49% as Tech Innovation Piques Investor Interest

Venture Capital Funding Surges 49% as Tech Innovation Piques Investor Interest

Venture Capitalists Are Still Feverishly Searching for the Next Facebook

Venture Capitalists Are Still Feverishly Searching for the Next Facebook

Adobe-Magento Deal Highlights Escalating Cloud Wars

Adobe-Magento Deal Highlights Escalating Cloud Wars

Did Trump Just Torpedo the Stock Market Again?

Did Trump Just Torpedo the Stock Market Again?