Hewlett-Packard's spinoff to cut up to 30,000 jobs in effort to shave expenses by $2 billion

Hewlett-Packard says its upcoming spinoff of its technology divisions focused on software, consulting and data analysis will eliminate up to 30,000 jobs.

The cuts announced Tuesday will be within the newly formed Hewlett Packard Enterprise, which is splitting from the Palo Alto, California, company's personal computer and printing operation. The split is scheduled to be completed by the end of next month.

HP Enterprises is trimming its payroll as part of an effort to reduce its expenses by $2 billion annually.

Even before the spinoff, HP has been jettisoning tens of thousands of employees during the past few years to help boost its declining profits as a technological shift from personal computers to smartphones and smartphones reduced demand for many of its products.