HP Inc Plans Up To 4,000 Job Cuts

Friday, 14 October 2016, 11:31 Hrs
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SAN FRANCISCO: HP Inc said it plans to cut between 3,000-4,000 jobs in the next three years.

The Silicon Valley company's chief executive officer Dion Weisler told an analyst meeting in New York on Thursday that the move, in addition to 3,000 layoffs that HP announced previously, is needed due to slumping demand for personal computers and printers, Xinhua news agency reported.

On the same day, HP released its Financial Outlook report for fiscal year 2017, which begins in November. It projected adjusted profit per share would be $1.55 to $1.65 in the new fiscal year, and cash flow of $2.3 to $2.6 billion.

HP, which split way last year from Hewlett Packard Enterprise, or HPE, now has about 50,000 employees.

Its chief financial officer Cathie Lesjak said if the cuts get up to the 4,000 level, about 1,000 jobs may be outsourced.

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Source: IANS
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