HP Inc to cut 3000-4000 jobs over next three years


HP Inc, the hardware business of former Hewlett-Packard Co, said it expects to cut about 3000 to 4000 jobs over the next three years, sending its shares down 1.3 percent in extended trading.

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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 also raised its quarterly dividend by 7 percent and said it is increasing its share repurchase program by $3 billion.

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.

(Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)