Hewlett-Packard cuts up to 30,000 more jobs

PALO ALTO, Calif., Sept. 16 (UPI) -- Hewlett-Packard Co. announced cuts of up to 30,000 jobs as part of its plan to break into two separate publicly traded companies.

CEO Meg Whitman made the announcement at the company's Palo Alto, Calif., headquarters.

The once-iconic technology company has eliminated 55,000 jobs -- prior to Tuesday's announcement -- since Whitman became chief in 2011 and initiated a five-year turnaround plan. The effect of the job cuts were expected to be seen in a fourth-quarter change of $2.7 billion. A workforce of about 312,000 remains at the company.

Hewlett-Packard has struggled to stay current in adapting to a mobile and cloud-based technology world, and shares of HP stock have lost one-third of their value in 2015.

The division in the company's structure, separating its computer and printing business from its technology infrastructure, is expected to be accomplished by the end of October.

Whitman said the job reductions will "enable a more competitive, sustainable cost structure" company, adding "these final actions will eliminate the need for any future corporate restructuring."