HP Inc will cut up to 4000 jobs

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.

The announcement sent its shares down 1.3 percent in extended trading.

The company said it expects adjusted profit for fiscal 2017 to be US$1.55 to US$1.65 per share. Analysts on average had expected US$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 US$3 billion.

As part of the restructuring plan, the company expects to record between US$350 million and US$500 million in charges.

The company had said in September that about 3000 jobs could be cut by the end of fiscal 2016.

More to come