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HP Inc. Shares Slumps on Job Cuts

Shares of the tech giant were slumping on news of costs associated with sharp workforce cuts.

Shares of HP Inc. (HPQ) - Get HP Inc. (HPQ) Report were lower Friday after the tech giant unveiled plans to cut about 3,000 to 4,000 jobs over the next three years to cope with slowing demand in the PC market. In a filing with the SEC, HP Inc. noted that it also expects to book about $350 million to $500 million in restructuring and other charges "due to both labor and non-labor actions." The company estimates about $200 million in labor costs will be tied to the cuts in the tech giant's workforce. Shares of HP Inc. are still up more than 25% so far in 2016.

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