(Adds details, background)
Oct 13 HP Inc said it expects to cut
about 3,000 to 4,000 jobs over the next three years, as the
maker of printers and personal computers continues to struggle
with a subdued market, sending its shares down 1.3 percent in
HP, which houses the hardware business of former
Hewlett-Packard Co, said in February it would accelerate its
restructuring program and slash around 3,000 jobs by the end of
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.
HP 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.
Raising its quarterly dividend by 7 percent, HP also said it
would increase its share buyback program by $3 billion.
The company expects restructuring and other charges of $350
million to $500 million and the move is expected to generate
gross annual run rate savings of $200 million to $300 million
beginning in fiscal 2020, HP said.
According to research firm Gartner, worldwide PC shipments
in Q3 fell 5.7 percent, eighth consecutive quarter of PC
shipment decline. Gartner also said that this is longest
duration of decline in the history of the PC industry.
HP shares have gained 28 percent this year up to Thursday's
(Reporting by Rishika Sadam in Bengaluru; Editing by Shounak
Dasgupta and Gopakumar Warrier)