According to CNBC, HP plans to cut upwards of 27,000 jobs by the end of fiscal year 2014. This is a part of a larger restructuring plan being undertaken by the company.

That massive number accounts for nearly 8% of its current workforce.
HP’s president and CEO Meg Whitman says that these cuts, along with other changes, will streamline HP for the future:
These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business. While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company. We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders.
Along with the job cuts, and their cost savings, HP plans to re-invest in R&D to drive “innovation and differentiation” in its core printing and personal systems business.
In addition, HP plans to invest heavily into the cloud, both for its own systems and its customers.