OEM Blames Market Decline for 4,000 Job Cuts

HP Inc plans to lay off 3,000 to 4,000 staff in the next three years, expecting the adjustment will bring more share profit.

As reported by Reuters, the closing price of the OEM’s shares has seen a 1.3% decrease due to the struggling market. Dion Weisler, CEO at HP comments: “Our core markets are challenged and macro economic conditions are in flux right now.”

HP has stated in February that the restructure would speed up by cutting about 3,000 jobs by the end of fiscal 2016. The firm expects to gain profit of $1.55-$1.65 per share for fiscal 2017 after adjustment, as well as $200 million to $300 million of gross annual run rate savings at the beginning of fiscal 2020.

According to research firm Gartner, the worldwide PC shipments has seen an eighth consecutive quarter of decline, with 5.7 percent decrease in Q3.

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