HP Inc. to slash more than 3000 jobs to accelerate its restructuring program

The slashing business is serious. Last year, HPE announced to lay off 30,000 employees to right-size its workforce. Again, this year, HP Inc., which houses the hardware business of former Hewlett-Packard has announced plans to cut 3,000 to 4,000 jobs over the next three years to accelerate its restructuring program.

HP computer shipments have been largely flat and it has been struggling with a subdued market lately. HP Chief Executive Dion Weisler said, "Our core markets are challenged and macroeconomic conditions are in flux right now."

The company has also adjusted profit for fiscal 2017 to be $1.55-$1.65 per share, whereas analysts were expecting $1.61 per share.

"As technology improves and as we become a faster, nimbler company, you are always looking to become more and more efficient," Weisler said. "Efficiency wins the day. And when I think about the markets that we're in, what's important is that we remember to stay focused on the reinvention, the innovation that we're driving."

With the latest job cuts, HP Inc. plans to take on $350 million to $500 million in restructuring costs, it expects to save gross annual run rate of $200 million to $300 million per year from fiscal 2020 onward.

Raising its quarterly dividend by 7 percent, HP also said it would also increase its share buyback program by $3 billion.