It looks like HP's layoff estimates were off again -- according to the company's latest financial report, it needs to cut an additional 11,000 to 16,000 employees from its payroll to make ends meet. This is the third (and largest) adjustment the company has made to its layoff numbers; HP originally planned to axe 27,000 employees in May of 2012, but increased the estimate to 29,000 the following september and to 34,000 in 2013. Now the restructuring plan could eliminate as many as 50,000 jobs in total.

some old citation:

Unlike a lot of technology companies, Hewlett-Packard wasn't totally run by marketing people. It really respected its engineers...

As an example of how great a company HP was, consider this. During this time—the early 1970s—the recession was going on and everyone was losing their jobs. Even HP had to cut back 10 percent on its expenses. But instead of laying people off, HP wound up cutting everyone's salary by 10 percent. That way, no one would be left without a job.

Citations from iWoz