HP reports higher profit but will slash up to 16,000 more jobs

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 announced two years ago to boost profits. It will now cut an additional 11,000 to 16,000 jobs to make its workforce “more competitive,” it said.