HP is planning to cut 3,000 to 4,000 staff between its FY17 and FY19, as its CEO Dion Weisler claims markets are "challenged".
In an 8-K filing, which was submitted on 10 October but only made available to the public last night, HP said that it has approved a restructuring plan which will generate gross annual run rate savings of between $200m and $300m (€182.1m and €273.1m) from fiscal 2020.
As part of the plan, the firm will lay off between 3,000 and 4,000 staff.
"The changes to the workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate," the filing states.
The news came as the tech giant announced its outlook for fiscal 2017. During the financial year, it expects GAAP diluted net earnings per share to be in the range of $1.47 to $1.57. Revenue guidance was not provided. Based on current estimates, HP expects to generate cashflow from operations of between $2.8bn and $3.1bn in FY17, it added.
Weisler said that despite some global economy concerns, HP is well positioned.
"Although our markets remain very challenged, we are committed to innovating in the core and continue to see long-term growth opportunities in commercial mobility and services, the disruption of the A3 copier market, and the digitisation of graphics and manufacturing through our leading 3D printing solutions," he said.
"I'm proud of the progress we have made in our first year as the new HP. Our focus is clear, our execution is solid, and we are positioned well for the next step in our journey."
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