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Anticipated Job Trimming Coming to HP Inc.

By Lynn Haber
October 14, 2016 - News
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In keeping with statements made by top brass Hewlett Packard Inc. (HP Inc.) earlier this year, the vendor plans to trim its worldwide workforce by up to 4,000 over the next three years.

Back in a February Q1 earnings call, Dion Weisler, president and CEO of HP Inc., said to expect about 3,000 jobs cut by the end of 2016. “We are accelerating the restructuring program, also announced at SAM [securities analyst meeting], by increasing the fiscal 2016 employee reductions to approximately 3,000. I believe there may be even more opportunity to reduce cost and streamline processes, and we will share details when finalized," he stated.

Just about one year since HP Inc., the printer and personal systems vendor, split off from Hewlett Packard Enterprise (HPE), Weisler had this to say during the company’s 2016 SAM held on October 13th:

"I'm proud of the progress we have made in our first year as the new HP. Our focus is clear, our execution is solid, and we are positioned well for the next step in our journey. 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."

Weisler added, "Although our markets remain very challenged, we are committed to innovating in the core and continue 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 our leading 3D printing solutions."

Here’s a summation of the SAM meeting:

  • Estimates GAAP diluted net earnings per share from continuing operations for fiscal 2017 of $1.47 to $1.57
  • Estimates non-GAAP diluted net earnings per share for fiscal 2017 of $1.55 to $1.65
  • Estimates fiscal 2017 free cash flow of $2.3 to $2.6 billion
  • Increases planned quarterly dividend amount by 7 percent
  • Announces additional share repurchase authorization of $3 billion for future repurchases
  • Expects to return 50-75 percent of fiscal 2017 free cash flow to shareholders through dividends and share repurchases

Back in 2015, prior to the company split, Meg Whitman publicized its intentions to cut as many as 28,000 to 33,000 as part of a company restructuring.

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