The Wall Street Journal reported the pending split today citing people familiar with the matter, who said the company announcement could come as soon as Monday. A spokeswoman for HP declined to comment.

The breakup would create one company that sells HP's computers and printers and a second that focuses on technology service offerings including data storage, servers and software.

The Palo Alto, California-based company has laid off thousands of employees in recent months due to flagging sales as consumers turn to mobile devices to perform basic computing chores.

The shift has curbed demand for HP's desktop and laptop computers, as well as its printers.

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