HP Inc. is cutting between 3,000 to 4,000 jobs over the next three years as part of a restructuring plan worked out by the company.
The PC and printer firm, which was created about a year ago after Hewlett-Packard was split into two companies, said in a filing to the Securities and Exchange Commission on Thursday that it expects about “3,000 to 4,000 employees to exit between fiscal 2017 and fiscal 2019.”
The company's "printing business is challenged right now but the PC business is hitting on all cylinders," said Patrick Moorhead, president and principal analyst of Moor Insights & Strategy. “The PC Group is gaining market share, increasing profits and innovating more than I have seen in years,” he added.
The workforce changes will "vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate,” HP said in the filing.The company said earlier that it would be cutting 3,000 jobs during the company's 2016 fiscal year ending Oct. 31. It had nearly 50,000 employees as on Nov. 1, according to its website.