Global PC maker, HP said on Tuesday that it is expecting 4,500 to 5,000 employees to leave the company by the end of fiscal 2019. According to a report on Reuters, it is part of the restructuring plan. In October 2016, HP's board had approved a restructuring plan to be implemented through the fiscal year 2019, under which it had expected around 4,000 job cuts. In May, the company said that the number is expected to increase by one to two percent.

As of October 31, the company employs 49,000 people. Under CEO Dion Weisler, HP has produced consistent growth in the midst of waning demand for PCs. According to Bloomberg, after reporting its seventh consecutive quarter of sales growth, HP on May 29 raised its profit forecast for the 2018 fiscal year to a range of $1.97 to $2.02 a share from $1.90 to $2.

The company estimates that about half of the expected pretax costs will relate to severance and the remaining costs will be due to infrastructure, non-labour actions and other charges.

(The above story first appeared on LatestLY on Jun 06, 2018 01:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).