HP has announced that it plans to slash 3,000 to 4,000 jobs in the next three years as it continues to struggle with a subdued market.

In February, the American software company shared it would accelerate its restructuring program and cut approximately 3,000 jobs by the end of fiscal year 2016.

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HP Chief Executive Dion Weisler admitted that the market continued to be unstable, facing pressures and uncertainties.

To implement the changes, the company will spend US$300 million to US$500 million.

HP believes that by doing the plan, it will bring savings of US$200 million and US$300 million by 2020, according to Reuters.

HP expects adjusted profit for 2017 to be $1.55-$1.65 per share, while analysts anticipate an average of $1.61 per share.

"As technology improves and as we become a faster, nimbler company, you are always looking to become more and more efficient," Weisler said. "Efficiency wins the day."

"And when I think about the markets that we’re in, what’s important is that we remember to stay focused on the reinvention, the innovation that we’re driving,” he added.

Jobs slashing at HP can be attributed to the shrinking demand for printers and PCs these days, ZDNet reported.

American research company International Data Corporation (IDC) has acquired both the PC market share and volume in the third quarter. 

The Palo Alto-based computer-maker has released its third quarter earnings in August, showing its net income of $843 million with a revenue of $11.9 billion, a decrease of four percent compared to the same period last year. Despite this scenario, Weisler is still hopeful he can boost earnings by providing more high-end PCs, office printers and 3-D printing systems.

It can be recalled that in October 2014, the company was divided into two firms: HP Inc, which includes its personal computer and printing operations, and HP Enterprise that offers software and services to corporate companies.

HP Enterprise CEO Meg Whitman revealed then that the creation of two different companies would give each the independence, focus, financial resources and flexibility required in adapting fast to market and customer dynamics.

TagsHP Inc, HP, PCs, printers, HP cuts jobs, Layoff, Computers, Laptop, printer