HP Inc plans to trim its workforce by up to eight percent with the loss of between 3,000 and 4,000 jobs by 2019 to shave millions off the company's costs.

The tech giant's staff headcount as of last November stood at 50,000 workers, but it revealed in a regulatory filing to the US Securities and Exchange Commission on Thursday that job cuts would begin in 2017.

It said that HP Inc's board of directors had approved a restructuring plan that it will implement over the next three years. The firm added in its 8-k:

HP expects approximately 3,000 to 4,000 employees to exit between fiscal 2017 and fiscal 2019. The changes to the workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate. In connection with the plan, HP anticipates incurring approximately $350 million to $500 million in restructuring and other charges due to both labor and non-labor actions. Of these amounts, HP expects to incur approximately $200 million in labor costs related to workforce reductions.

The printer and PC maker predicts that from 2020 the layoffs will "generate gross annual run rate savings of approximately $200 million to $300 million."

HP Inc boss Dion Weisler said that the markets it competes in are "challenged" but added that he was "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. We are confident in our strategy and believe it will continue to produce reliable returns and cash flow, while also enabling HP to invest in differentiated innovation and long-term growth."

The cuts are the latest round of layoffs at HP Inc, after it waved goodbye to 3,300 employees in September 2015 as it prepared for its split from the enterprise side of HP's business, which is now known as HPE.

Weisler said the company would focus on its core offerings including a big bet on 3D printing. Shares in HP Inc were down two percent on the New York Stock Exchange following confirmation of the planned job cull.