HP Announces Another 5,000 Layoffs, for a Total of 34,000

In HP's previous quarterly earnings reports filed with the SEC, it warned investors that the company might get rid of more than 29,000 employees.

In its annual report filed on Monday, it made the bigger layoff official, declaring it would cut 34,000 jobs.

The silver lining for current employees is that HP has already done most of the cutting. As of October 31, 2013, HP had eliminated approximately 24,600 positions of the 34,000 it expects to cut, the company said in its annual report.