On Thursday, Hewlett-Packard announced that it would be cutting up to 16,000 more jobs as a way to save money.

Late last year, the company said it would be cutting a total of 34,000 jobs by the end of the 2014 fiscal year—the new layoffs raise that to a maximum total of 50,000. The San Jose Mercury News reported that all the job cuts would be completed by the end of 2015. HP explained the cuts by saying they are a means "to reengineer the workforce to be more competitive and meet its objectives."

In May 2012, the Silicon Valley stalwart said that it would be cutting about 27,000 jobs through fiscal year 2014 in a move expected to save the company as much as $3.5 billion. That number ticked up to 29,000 by July 2013. At the time of the announcement, the company employed 350,000 people—a total cut of 50,000 people means the company is cutting loose 14 percent of its labor force.

The announcements of job cuts this week came as part of the company’s quarterly earnings report. After the second quarter of the company’s 2014 fiscal year, HP made a profit $1.3 billion—up 18 percent over the previous time period in fiscal 2013.

“With the first half of our fiscal year completed, I’m pleased to report that HP’s turnaround remains on track,” said CEO Meg Whitman, in a statement. “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.”

As of this writing, HP’s stock price is up six percent on the day, currently hovering at around $33.74 per share.