HP plans to lay off 16%

Hewlett-Packard will cut up to 16% of its employees as part of a massive restructuring of the company to cut costs and boost sales. The personal computer giant said it would cut 7,000 to 9,000 jobs through dismissal and voluntary early retirement. The layoffs will help save about $1 billion by the end of the 2022 fiscal year. The last time HP disclosed employee data was a year ago, when the number of employees was 55,000. Hewlett-Packard also announced that it expects to exclude restructuring costs and other projects in the 2020 fiscal year, with corporate profits of $2.22 to $2.32 per share. The average analyst estimate is $2.23 per share.