Computer and printer giant HP plans to cut up to 10% of its workforce, or 4,000 to 6,000 employees, by 2028 as it invests more in artificial intelligence.
CEO Enrique Lores said the goal is to speed up product and software development, improve customer support, and make internal processes more efficient.
While some jobs will be reduced, HP will also invest in areas where AI can enhance its products.
The company expects the restructuring to cost about $650 million but save at least $1 billion a year by 2028.
Rising memory chip prices are increasing PC costs, so HP plans to hike its computer prices and use lower-cost suppliers. Fourth quarter revenue grew 4.2% to $14.64 billion.