Hewlett Packard Enterprise said on Thursday it would lay off 5% of its workforce, or over 2,500 employees globally, as part of a cost-saving program and forecast its second-quarter revenue below Wall Street estimates,

Shares of the company fell 14% to $15.50 in aftermarket trading. The server maker projects revenue to be between $7.2 billion and $7.6 billion in the quarter, while analysts expect $7.93 billion, according to data compiled by LSEG.

The stock of Hewlett Packard Enterprise (HPE) is down 17% after the information technology (IT) company reported mixed financials results and