HP Inc to cut up to 4000 more jobs

HP Inc plans to cut up to 4000 more jobs over the next three years as part of an ongoing cost-cutting program.

The company’s board this week approved a restructuring plan designed to generate gross annual savings of US$200 million ($263.7 million) to US$300 million in fiscal 2020.

As part of this plan, HP Inc plans to lay off around 3000 to 4000 employees worldwide between fiscal 2017 and fiscal 2019.

The depth of the cuts will vary by country, depending on factors including legal requirements and consultations with employee representatives.

HP Inc expects to accumulate around US$350 million to US$500 million in restructuring costs as a result of the cutbacks, including around US$200 million directly related to workforce reductions.

The company recently updated its fiscal 2017 financial outlook, revealing it is expecting GAAP diluted net earnings per share for the period of US$1.55 to US$1.65.

“Although our markets remain very challenged, we are committed to innovating in the core and continue to see long-term growth opportunities in commercial mobility and services, the disruption of the A3 copier market and the digitisation of manufacturing though our leading 3D printing solutions,” HP Inc CEO Dion Weisler said.

Image courtesy of John Karakatsanis under CC