HP Inc to cut 3000-4000 jobs over next three years

Reuters
The Hewlett-Packard (HP) logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. REUTERS/Jim Young/File Photo

The Hewlett-Packard (HP) logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago

The Hewlett-Packard (HP) logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. REUTERS/Jim Young/File Photo

(Reuters) - 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, sending its shares down 1.3 percent in extended trading.

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

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

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


(Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)

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