Correction: HP Inc-Job Cuts story

Business

SAN FRANCISCO (AP) — In a story Oct. 4 about job cuts at Hewlett Packard, The Associated Press reported erroneously that the cuts will be made by 2020. The company plans to make the cuts by its fiscal year 2022.

A corrected version of the story is below:

HP Inc.’s new CEO unveils plan to cut up to 9,000 jobs

HP Inc.’s new CEO has unveiled the company’s latest plan to streamline its operations that envisions cutting its workforce by as much as 16% over the next three years

SAN FRANCISCO (AP) — HP Inc.’s new CEO has unveiled the company’s latest plan to streamline its operations — one that envisions cutting its workforce by as much as 16% over the next three years.

The personal computer and printer maker says it expects to drop 7,000 to 9,000 people from its global workforce of about 55,000 by its fiscal year 2022. It expects the moves to save it about $1 billion a year by the end of fiscal 2022.

HP announced the job cuts 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 specializing in data-center hardware and business software. That part is now known as Hewlett Packard Enterprise.

HP Inc.’s stock is down 10% so far this year, while the benchmark Standard & Poor’s 500 index is up 16%.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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