(Reuters) -Hewlett Packard Enterprise ( HPE ) said on Thursday it would cut jobs 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 program is expected to be implemented through the fiscal year 2026 and aims to deliver gross savings of about $350 million by fiscal 2027, the company said.

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.