HP Inc is set to reduce its headcount by between 3,000 to 4,000 over the next three years. This appears to be in addition to the 3,000 jobs it has already promised to cut by the end of the 2016 fiscal year.’
The PC market has been facing a rough year as sales continue on a downward trend. Market research firm Gartner reports that the global PC market shrunk for the eighth straight quarter; marking the longest period of decline ever seen.
News of the move caused HP’s shares to drop by 1.3-percent; although this isn’t all that much considering that the company has seen its share price increase by 28-percent this year.
Reducing the workforce is expected to save HP between $200 and $300 million by the year 2020. While the company has also stepped up its share buyback programme.
This news has not stopped HP from announcing new devices for the coming year. The HP Elite X3 was recently released in Malaysia; while a refreshed Spectre x360 packed with a seventh generation Intel Core processor will be making its way to the market soon.
[Source: Reuters]
