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Hewlett-Packard Co. (NYSE: HPQ) may have released its earnings report early. Whether this was intentional, an accident or a leak is something we will leave to your imagination. What was not in the real early leaked news but was in the formal press release was that HP’s turnaround is now going to include even more layoffs — some 11,000 to 16,000 more.

The HP report for its second quarter showed that net revenue was down 1% to $27.3 billion from the prior-year period, but this was flat on a constant currency basis. In this environment that is really not that bad when you consider that the core PC market of Hewlett-Packard is still in contraction.

CEO Meg Whitman said:

With the first half of our fiscal year completed, I’m pleased to report that HP’s turnaround remains on track. With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape.

Whitman’s quote did not address the layoff progress and plans head on, but the press release did. The press release said:

In May 2012, HP adopted a multi-year restructuring plan designed to simplify business processes, accelerate innovation, lower costs and deliver better results. HP previously estimated that 34,000 positions would be eliminated in connection with the plan. As HP continues to reengineer the workforce to be more competitive and meet its objectives, the previously estimated number of eliminated positions will increase by between 11,000 to 16,000.

So, the 34,000 layoffs are now turning into a total layoff base of 45,000 to 50,000. More and more jobs down the drain.

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