Spring-based Hewlett Packard Enterprise has revealed it is set to lay off an estimated 2,500 workers following disappointing economic performance. The company—which employs about 2,000 people in the Houston area— announced it would reduce operating costs by cutting about 5 percent of its workforce through layoffs and attrition over the next 18 months.

The technology company in recent years relocated its corporate headquarters from Silicon Valley to the Houston area.

Hewlett Packard Enterprise Co. closed 38.81% below its 52-week high of $24.66, which the company achieved on January 22nd.

Key Takeaways Hewlett Packard Enterprise gave profit guidance below estimates.The IT firm also missed quarterly profit estimates, with CEO Antonio Neri noting "we could have executed better."Hewlett Packard Enterprise also announced a cost-cutting plan that includes reducing staff by about 5%.