HP To Cut Thousands Of Employees, Updates 2020 Guidance

HP Inc. HPQ late Thursday said it expects to reduce its gross global headcount by approximately 7,000 to 9,000 employees and gave updated fiscal year 2020 guidance.

The company adjusted EPS to $2.22-$2.32 versus the $2.24 estimate, and free cash flow at least $3 billion.

"We are taking bold and decisive actions as we embark on our next chapter," said Enrique Lores, incoming CEO of HP Inc. "We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work. We will become an even more customer-focused and digitally enabled company, that will lead with innovation and execute with purpose."

HP shares were trading down 6% at $17.29 in Friday's pre-market session. The stock has a 52-week high of $27.08 and a 52-week low of $17.10.

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