As part of what it calls "a multi-year restructuring," Hewlett-Packard announced it was cutting 27,000 jobs or 8 percent of its workforce.

HP said the cuts would happen over an extended period and should be done by the end of 2014.

"The restructuring is expected to generate annualized savings in the range of $3.0 to $3.5 billion exiting fiscal year 2014, of which the majority will be reinvested back into the company," the company said in a statement.

The company said it would offer an early retirement program to limit the number of layoffs and the cuts will vary by country.

As we reported, the cuts were rumored last week.

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