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HP to cut another up to 30,000 jobs over three years

HP is still one of the world's largest technology companies.

Hewlett-Packard (NYSE:HPQ) said it expected to cut another 25,000 to 30,000 jobs over three years as the tech pioneer adjusts to falling demand. Shares gained in premarket trade.

It follows 55,000 job cuts announced earlier this year. 

The company currently has more than 300,000 employees.

The job cuts are part of HP's breakup into two separate publicly traded companies,  scheduled to be completed by the end of next month.

The cuts will take place at the company that will be called HP Enterprise, which will focus on cloud technology and cyber security, while HP Inc. will sell as PCs and printers.

The company, still one of the world's largest technology companies, said the cuts will save $2.7bn in annual costs, although the plan will cost $2.7bn to carry out.

The tech company has struggled over the last decade to keep up with changing demands as clients move away from desktop computers.

In 2012 it lost its position as the world's leading supplier of PCs to Lenovo.

Shares of the Palo Alto, California-based company were up 2.3% to $27.72 as of 9:24 a.m. in New York. The stock has lost 32% this year.

Quick facts: HP Inc

Price: 17.04 USD

Market: NYSE
Market Cap: $25.25 billion

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