HP has been struggling to meet demand for its high-end EME4 and EME5 printers in Europe, where it is struggling to attract new customers.
The company has struggled to keep up with its growth in the European market.
HP declined to provide details about its sales or earnings, but analysts said the company’s growth has slowed to a halt, with fewer than half of its European customers choosing its printers this year.
HP’s European printer sales fell 5.3% in the first quarter of the year to $5.5 billion.
The company reported a loss of $1.6 billion, down from a year ago.
The decline was attributed to the global economic downturn, lower demand for printers and slower demand for new printers, as HP’s printers have been slow to catch up to the demand for high-speed machines, the analysts said.
HP said it plans to cut the number of EME3 printers it makes to 1 million by 2020.
That’s less than half the number it made in 2020.
HP, based in Santa Clara, California, has been one of the biggest suppliers of high-tech printers to businesses around the world for the past two decades.
The technology company has been trying to expand its manufacturing capabilities in Europe and has a deal with the German company DHL for up to 50,000 printers to be used in offices.
The deal is expected to close this year, HP said.
Read more HP’s decline has made the company the biggest beneficiary of E-commerce.
The market for E-printing devices, such as printers and printers accessories, has grown steadily, as e-commerce sites such as Amazon.com and Flipkart have been offering the technology for cheaper prices.