HP plans to cut up to 9,000 jobs
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HP plans to cut up to 9,000 jobs as the tech giant aims to lower costs and simplify its operating model.
The computer firm said that it will reduce its global headcount by around 7,000 to 9,000 employees through redundancies and early voluntary retirements.
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HP said it expects to face costs of about $1bn in connection with the restructuring, but also said it expects to save $1bn by the end of 2022.
The announcement came as HP said it estimates earnings per share of between $1.98 to $2.10 for the 2020 financial year.
Incoming president and chief executive Enrique Lores said: “We are taking bold and decisive actions as we embark on our next chapter.
“We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work.
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“We will become an even more customer-focused and digitally enabled company, that will lead with innovation and execute the strategy.”
The company also today announced a $5bn share repurchase.