HP may cut up to 4,000 jobs by 2019


The company is facing a subdued market with its shares coming down 1.3 per cent in extended trading.

HP Inc., the American multinational IT major, recently shared that it expects to cut about 3,000 to 4,000 jobs over the next three years, as the maker of printers and personal computers continues to struggle with a subdued market, sending its shares down 1.3 percent in extended trading.

HP, the hardware business holder of former Hewlett-Packard Co, has earlier said in February that it would accelerate its restructuring programme and slash around 3,000 jobs by the end of this fiscal.

HP chief executive, Dion Weisler said the market continued to be volatile, facing pressures and uncertainties.

Weisler also shared that the company’s core markets are challenged and macro-economic conditions are in flux right now.

HP expects adjusted profit for fiscal 2017 to be $1.55–$1.65 per share. Analysts on an average had expected $1.61 per share, according to Thomson Reuters I/B/E/S.

Raising its quarterly dividend by seven per cent, HP also said it would increase its share buyback programme by three billion dollars.

The company expects restructuring and other charges of $350 million to $500 million, and the move is expected to generate gross annual run rate savings of $200 million to $300 million beginning in fiscal 2020.

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