Hewlett-Packard (HPQ) increased its job-cut estimate to 29,000 positions on Monday as the struggling technology behemoth continues to slash costs under CEO Meg Whitman.

In a regulatory filing, H-P said it anticipates eliminating the positions through fiscal 2014 as part of a previously disclosed restructuring that envisioned cutting 27,000 jobs.

The job cuts are “designed to simplify business processes, accelerate innovation and deliver better results for customers, employees and stockholders,” H-P said in a Securities and Exchange Commission filing.

H-P said an unspecified portion of the 29,000 people impacted by the restructuring will exit as part of a voluntary early retirement program for U.S. employees.

Palo Alto, Calif.-based H-P is one of the world’s largest technology companies, generating $127 billion in annual sales and employing almost 350,000 people as of July.

Whitman, 56, previously served as CEO of eBay (EBAY) and was hired in September 2011 to help turn around H-P.

Shares of H-P have badly underperformed the broader markets this year, slumping 19% compared with the S&P 500’s 14% rally. H-P dipped 0.40% to $17.35 ahead of Monday’s opening bell.

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