HP to cut up to 4,000 jobs over next 3 years read more at here www.spinonews.com/index.php/item/1261-hp-to-cut-up-to-4000-jobs-over-next-3-years

HP Inc said it expects to cut about 3,000 to 4,000 jobs over the next three years.

HP Chief Executive Dion Weisler said the market continued to be volatile, facing pressures and uncertainties. "Our core markets are challenged and macro-economic conditions are in flux right now," Weisler said.

Patrick Moorhead, president and principal analyst of Moor Insights & Strategy said, The Company’s "printing business is challenged right now but the PC business is hitting on all cylinders,”.

According to reuters report, HP expects adjusted profit for fiscal 2017 to be $1.55-$1.65 per share. Analysts on average had expected $1.61 per share. 

Read: HP Is Buying Samsung’s Printer Business For $1.05 Billion

The company's board said the restructuring plan is expected to save $200 million to $300 million beginning in fiscal 2020. It also expects about $350 million to $500 million in restructuring costs and other charges.

As part of the plan, HP expects approximately 3,000 to 4,000 employees to exit between fiscal 2017 and fiscal 2019. The changes to the workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate.

According to research firm Gartner, worldwide PC shipments in Q3 fell 5.7%, eighth consecutive quarter of PC shipment decline. Gartner also said that this is longest duration of decline in the history of the PC industry.

Source: HP