HP has released dismal quarterly results and announced it plans to layoff 6,400 workers.

The company's profit dropped 17 percent to $1.72 billion, while sales were down 3 percent to $27.4 billion. The drop stems from a decline in demand for PCs and expensive printer ink. Revenue in the PC segment dropped 19 percent to $8.2 billion, although HP managed to grab some market share from Dell.

HP has also announced it would be cutting about 2 percent of its workforce. HP's global staff is estimated at 321,000, and some 6,400 souls will be affected under the plan.

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