HP will cut up to 4,000 jobs by 2019

HP Inc is set to cut between 3,000 and 4,000 jobs worldwide over the next three years, as it seeks to make savings as PC sales continue to plummet.

The world's second-largest PC supplier has struggled in a dwindling market, and hopes the cutbacks will save the company between $200 to $300 million annually by 2020.

However, HP will also incur an estimated $350 million to $500 million in restructuring costs.

According to a filing made to the Security and Exchange Commission on Thursday, HP plans to swing the axe between 2017 and 2019, spread across the many countries and regions the company operates in.

HP split into two divisions in September 2015, resulting in a loss of 30,000 jobs, almost 10% of the workforce. Today HP Inc oversees printers and computers while Hewlett Packard Enterprise focuses on enterprise services, though it has spun off much of its software business.

"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," said Don Weisler, president and CEO of HP, in a statement.

"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."

Weisler acknowledged that the market is currently "challenging", but said the company is still "committed to innovating", pointing to HP's current opportunities in manufacturing and 3D printing.

The announcement comes during a global decline in PC sales, dropping 5.7% in the third quarter compared to last year according to a report by Gartner. This represents the longest period of decline in the history of the PC industry.