By Juby Babu

(Reuters) -HP Inc said on Tuesday it expects to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a plan to streamline operations and adopt artificial intelligence to speed up product development, improve customer satisfaction and boost productivity.

Shares of the Palo Alto, California-based company fell 5.5% in extended trading.

HP’s teams focused on product development, internal operations and customer support will be impacted by the job cuts, CEO Enrique Lores said during a media briefing call.

“We expect this initiative will create $1 billion in gross run rate savings over three years,” Lores added.

The company laid off an additional 1,000 to 2,000 employees in February, as part of a previously announced restructuring plan.

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