The computer manufacturer, Hewlett Packard (HP), will increase layoffs of up to 16,000 in an effort to keep up with the rapidly changing I.T. market.

In a statement released Thursday, HP reported that the company's restructuring plan needed to increase its layoffs by 11,000 to 16,000, totaling to a maximum of 50,000 eliminated jobs since May 2012.

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HP had initially reported to lay off 27,000 positions. About one and a half years later, in December of last year, the firm had increased the number to a total of 34,000.

Then, in a statement released Thursday, HP said it needed to eliminate an additional 11,000 to 16,000 jobs, coming up to a grand total of 50,000 laid off workers.

The job cuts will be done across all divisions worldwide and is targeted to be completed by 2015, Data Center Knowledge reports.

As the I.T. market shifts towards mobile devices, PC manufacturer, HP, struggles to keep up.

As of April 30, HP reported net revenues of $27.3 billion for the fiscal year's second quarter, down 1 percent compared to last year's $27.6 billion, and just below the $27.4 billion prediction by analysts.

Net earnings increased 18 percent from $1.1 billion during the second quarter of 2013 to $1.3 billion this year.

Notable segments for HPs 2014 second quarter report a 7 percent increase in personal systems revenue, accounting for $8.17 billion.

The printing segment experienced a decrease in revenue from last year's $6.09 billion to $5.83 billion.

Software revenue remained flat with reported revenues of $ 971 million compared to $967 million last year. Financial services and enterprise services dropped 2 percent to $867 million and 7 percent to $5.7 billion, respectively.

Despite this, HP president and chairman, Meg Whitman remains optimistic and said that the company's multi-year restructuring program remains on track.

HP plans to trim its workforce while streamlining its operations to shift towards a more innovative, simplified and cost-efficient approach, while being more customer- and partner-centric, Whitman adds.

The company strives to keep up with its I.T. competitors through the recently-launched HP Helion which is based on a cloud framework, and its recent collaboration with Chinese manufacturing company, Foxconn to enter the low cost server market.

TagsHewlett Packard, Meg Whitman, PC, Foxconn, IT, information technology, Tech