HP announced Tuesday that it will cut between 4,000 and 6,000 jobs worldwide by fiscal 2028 as the company shifts more of its focus toward artificial intelligence.

The move is part of a major plan to simplify operations, speed up product development, and improve customer service.

CEO Enrique Lores said the cuts could affect teams working in product development, internal operations, and customer support, making up as much as 10% of the company's workforce.

Speaking during a media briefing, Lores explained that the new strategy is designed to make HP faster and more efficient.

"We expect this initiative will create $1 billion in gross run rate savings over three years," he said. Shares of HP fell more than 5% in after-hours trading following the announcement, NY Post reported.

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