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

October 13, 2016

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.