THOUSANDS OF JOBS TO BE CUT AT HP INC, INCOMING CEO ANNOUNCES

THOUSANDS OF JOBS TO BE CUT AT HP INC, INCOMING CEO ANNOUNCES

HP Inc will cut between 7,000 and 9,000 workers over the next three years to save around a billion dollars (£550 million), its incoming chief executive has said.

The personal computer and printer maker says it expects to drop thousands from its global workforce of about 55,000 by 2020.

HP announced the job cuts on Thursday at a meeting with Wall Street analysts headlined by incoming CEO Enrique Lores.

He had been overseeing the HP division that includes its profitable business of selling ink for the company's printers before being named to the top job last month.

The workforce reductions come as the Palo Alto, California, company wraps up a three-year restructuring plan that included the elimination of up to 5,000 jobs.

HP Inc was created in 2015 when Hewlett Packard split is PC and printer operations from its businesses specialising in data-centre hardware and business software. That part is now known as Hewlett Packard Enterprise.

HP Inc's stock is down 10% so far this year, compared to a 16% rise for the benchmark Standard & Poor's 500 index.

Published: by Radio NewsHub
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