HP to cut 4,000 jobs worldwide in the next three years

US computer firm HP is expected to lay off between 3,000 and 4,000 workers in the next three years, the company has announced.

The hardware operations of the former Hewlett-Packard Co. said that it was to accelerate its restructuring due to market pressures.

HP is hoping to generate an extra $200m to $300m in annual savings as a result of the cuts.

Hewlett-Packard was separated into two divisions last year, with the hardware business differentiated from Hewlett Packard Enterprise, which now only sells software.

"Our core markets are challenged and macro economic conditions are in flux right now," sais HP chief executive Dion Weisler.

Weisler was optimistic however, despite the job losses.

"I'm proud of the progress we have made in our first year as the new HP. Our focus is clear, our execution is solid, and we are positioned well for the next step in our journey,"

The statement also mentioned that HP would be raising its quarterly dividend by 7%, as well as increasing its share buyback program by $3bn.