HP Inc, the hardware business of former Hewlett-Packard Co, said it expects to cut about 3,000 to 4,000 jobs over the next three years, sending its shares down 1.3 per cent in extended trading.

The company said it expects adjusted profit for fiscal 2017 to be US$1.55 to US$1.65 per share. Analysts on average had expected US$1.61 per share, according to Thomson Reuters.

HP also raised its quarterly dividend by seven per cent and said it is increasing its share repurchase program by US$3 billion.

As part of the restructuring plan, the company expects to record US$350 million to US$500 million in charges.

The company had said in September that about 3,000 jobs could be cut by the end of fiscal 2016.