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Even if the plan does work out, it seems unlikely that the lost profits from high-margin supplies sales will be fully offset by additional profits from hardware sales. 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.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.HP Inc. was created in 2015 when Hewlett Packard split its PC and printer operations from its businesses specializing in data-center hardware and business software. HP had roughly 55,000 employees as of Oct. 31, 2018, so this will amount to as much as a 16% workforce reduction.Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.HP Inc's business model in printing is no longer working, so it's pivoting: The era of selling printers cheap is mostly over.These job cuts are expected to produce annualized gross savings of $1 billion by the end of fiscal 2022. HP says it will use those funds to offset the dilution caused by shares issued through employee stock plans, and to buy back shares opportunistically.HP expects to eliminate 7,000 to 9,000 employees worldwide as part of its fiscal 2020 restructuring plan, through a combination of layoffs and voluntary early retirements. That part is now known as Hewlett Packard Enterprise.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.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 2020. In reality, its plan is a mix of heavy cost-cutting, throwing money at shareholders, and shifting away from a business model that's clearly no longer working.In a classic restructuring move, HP has authorized a multibillion-dollar stock buyback to be executed during the same period as it's laying off employees. While the stock now trades for around 8 times that earnings guidance, a low PE ratio means nothing if those earnings aren't sustainable. HP Inc. will slash as much as 16% of its workforce as part of a broad restructuring meant to cut costs and boost sales growth amid the company’s first change in top leadership in … HPE did not disclose how many employees the layoffs will impact. Hewlett Packard Enterprise has laid off 146 employees at its SimpliVity hyperconverged business unit in Westborough, Mass., according to a WARN notice report newly filed in... — … The most likely scenario is that the printing business becomes less profitable for HP over the long run.The cost savings will mostly come from corporate functions and back-office support, according to CFO Steve Fieler in an interview with Bloomberg.Incoming HP President and CEO Enrique Lores said the company would be "taking bold and decisive actions." Returns as of 07/30/2020.HP expects to produce GAAP earnings per share between $1.98 and $2.10 in fiscal 2020, which includes one-time charges. This plan could backfire spectacularly if HP's competitors don't follow suit, and instead choose to undercut it on hardware pricing. Topline: Incoming CEO Enrique Lores announced Thursday that computing and printer giant HP will slash 13% to 16% of its workforce in a major restructuring. The company expects to reduce gross global headcount by approximately 7,000-9,000 employees through a combination of employee exits … HP makes hardware, software and provides services to government, consumers and business. These HP layoffs are the plan of incoming President and CEO Enrique Lores. HP will allocate at least 75% of its free cash flow -- forecast to be at least $3 billion -- to dividends and share buybacks combined.Stock Advisor launched in February of 2002. The personal … The changes come amid falling revenues at HPE. Cost-cutting can prop up the bottom line for a while, but it can't fix the problem of deteriorating printing profits. HP announced the job cuts Thursday at a meeting with Wall Street analysts headlined by incoming CEO Enrique Lores. Today, HP Inc. announced a fiscal year 2020 restructuring plan to simplify its operating model and become a more digitally enabled company. HP expects to eliminate 7,000 to 9,000 employees worldwide as part of its fiscal 2020 restructuring plan, through a combination of layoffs and voluntary early retirements. 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. It expects the moves to save it about $1 billion a year by the end of its 2022 fiscal year.HP Inc.’s stock is down 10% so far this year, while the benchmark Standard & Poor’s 500 index is up 16%. Business HP Job Cuts: PC Firm To Layoff Up To 9,000 Workers HP (HPQ) announced several thousand job cuts along with a restructuring of its business on Thursday.
Revenue information: 2014 net revenue of $111.5 (Forbes) Contact information: HP Customer Service: (800) 752-0900 More information: See also: Hewlett Packard Enterprise Layoff page. HP …