HP sees up to 5,000 job cuts as part of restructuring plan

HP Inc. today expects 4,500 to 5,000 employees to leave the company by the end of fiscal 2019 as part of an ongoing restructuring plan, the PC maker said on Tuesday.

In October 2016, HP’s board had approved a restructuring plan to be implemented through fiscal year 2019, under which This kind of had expected around 4,000 job cuts. In May, the company said This kind of expected in which number to raise by 1 to 2 percent.

The company employed 49,000 people as of October 31.

HP, formed in 2015 when the then Hewlett-Packard Co was spilt into two, said in a regulatory filing. This kind of today expects pretax charges of about $700 million related to the layoffs, compared with about $500 million forecast earlier.

HP estimates in which about half of the expected pretax costs will relate to severance along with the remaining costs due to infrastructure, non-labor actions, along with different charges.

When Hewlett-Packard Co split up, HP Inc focused on the consumer-facing hardware business, including sales of PCs along with printers, while Hewlett Packard Enterprise co-hosted the company’s data-center, software along with services units.

HP, which has the top position in worldwide PC shipments inside first calendar quarter of 2018 which has a 22.6 percent market share, reported better-than-expected quarterly sales of $14 billion inside quarter ended April 30.

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