Meg Whitman may have rescued Hewlett-Packard (HPQ), but she's had to execute some painful moves along the way.

Back in May, HP announced it will cut another 11,000 to 16,000 jobs on top of the 34,000 layoffs it previously disclosed. The latest layoffs are projected to save about $1 billion a year.

With some 300,000 workers, HP is still one of the largest employers in the tech world. But the company's turnaround -- HP shares are up 27% so far this year -- has been driven in part by extensive cost cutting.

HP's stock jumped 6% following the layoff news and quarterly earnings figures.

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