HP sees up to 5,000 job cuts as part of restructuring plan
In October 2016, HP`s board had approved a restructuring plan to be implemented through fiscal year 2019, under which it had expected around 4,000 job cuts. In May, the company said it expected that number to increase by 1 to 2 percent.
The company employed 49,000 people as of Oct. 31.
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HP, formed in 2015 when the then Hewlett-Packard Co was spilt into two, said in a regulatory filing https://www.sec.gov/Archives/edgar/data/47217/000004721718000026/hp-4301... it now expects pretax charges of about $700 million related to the layoffs, compared with about $500 million forecast earlier.
HP estimates that about half of the expected pretax costs will relate to severance and the remaining costs due to infrastructure, non-labour actions and other charges.
When Hewlett-Packard Co split up, HP Inc focused on the consumer facing hardware business, including sales of PCs and printers, while Hewlett Packard Enterprise Co hosted the company`s dead-centre, software and services units.
HP, which has the top position in worldwide PC shipments in the first calendar quarter of 2018 with a 22.6 percent market share, reported better-than-expected quarterly sales of $14 billion in the quarter ended April 30.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)