H-P To Cut 25,000 To 30,000 Employees From Enterprise Unit

Hewlett-Packard Co. late Tuesday said it plans to lose 25,000 to 30,000 employees from its enterprise unit in line with its effort to reduce annual costs by $2.7 billion. "These restructuring activities will enable a more competitive, sustainable cost structure for the new Hewlett Packard Enterprise," said Chairman and Chief Executive Meg Whitman speaking at an analysts' day. The latest job cuts are on top of 55,000 workers it has laid off in a restructuring that began in 2012 as it heads toward a corporate split. The tech company also projected 2016 adjusted earnings per share of $1.85 to $1.95 for Hewlett-Packard Enterprise, one of the two companies that will be created from the separation. Shares of Hewlett-Packard were off 1.1% in after-hours session.

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