HP to cut 4,000 jobs due to slumping demand for PC and printer

Devices major HP Inc said on Thursday that it plans to cut between 3,000-4,000 jobs in the next three years.

The Silicon Valley-based technology company’s chief executive officer Dion Weisler told an analyst meeting in New York on Thursday that the move, in addition to 3,000 layoffs that HP announced previously, is needed due to slumping demand for personal computers and printers.

HP also released its financial outlook report for fiscal year 2017, which begins in November. It has projected adjusted profit per share would be $1.55 to $1.65 in the new fiscal year, and cash flow of $2.3 to $2.6 billion.

HP, which split way last year from Hewlett Packard Enterprise, or HPE, now has about 50,000 employees.

Its chief financial officer Cathie Lesjak said if the cuts get up to the 4,000 level, about 1,000 jobs may be outsourced.

Dion Weisler, president and CEO of HP Inc, said: “We are confident in our strategy and believe it will continue to produce reliable returns and cash flow, while also enabling HP to invest in differentiated innovation and long-term growth.”

HP said it continues to see long-term growth opportunities in commercial mobility and services, the disruption of the A3 copier market, and the digitization of graphics and manufacturing through its 3D printing solutions.