HP Inc. (HPQ - Get Report) said Thursday it will lay off 7,000 to 9,000 employees, or roughly 15% of its last reported headcount of 55,000, as part of a restructuring plan aimed at cutting costs $1 billion a year by 2022.

The company also raised its dividend by 10% and said the board has authorized an additional $5 billion for its share buyback program.

For fiscal year 2020, HP projected GAAP diluted net EPS to be between $1.98 and $2.10. It estimated non-GAAP diluted net EPS to be between $2.22 and $2.32, excluding one-time items. It said it expects to generate free cash flow of at least $3 billion in fiscal 2020. 

The company said it will incur restructuring costs of approximately $1 billion. Those include $100 million to be incurred in its fiscal fourth quarter of 2019, $500 million over fiscal year 2020, and the rest split between fiscal 2021 and 2022.

Shares of HP fell $1.06, or 6%, to $17.34 in after hours trading.