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HP Inc to Cut 3000-4000 Jobs Over Next Three Years

October 13, 2016, 10:26 PM UTC
Attendees use their mobile devices while waiting in line during an HP event in San Francisco, California, U.S., on Wednesday, Feb. 9, 2011.
Bloomberg via Getty Images

HP Inc, the hardware business of former Hewlett-Packard, said it expects to cut about 3000 to 4000 jobs over the next three years, sending its shares down 1.3% in extended trading.

The company said it expects adjusted profit for fiscal 2017 to be $1.55-$1.65 per share. Analysts on average had expected $1.61 per share, according to Thomson Reuters I/B/E/S.

HP (HPQ) also raised its quarterly dividend by 7% and said it is increasing its share repurchase program by $3 billion.

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As part of the restructuring plan, the company expects to record $350 million-$500 million in charges.

The company had said in September that about 3000 jobs could be cut by the end of fiscal 2016.