Add HP to the list of tech firms that are laying off employees. Over the following three years, the PC manufacturer intends to let go of as many as 6,000 workers. The layoffs are a part of a larger restructuring that HP revealed during its Q4 results call (via Gizmodo). By the conclusion of its fiscal year in 2025, the corporation expects to have saved $1.4 billion thanks to its “Future Ready Transformation strategy,” which includes laying off at least 4,000 workers.
Details about Up to 6000 HP employees could be lay off over the next years:
According to HP, “the business aims to reduce gross global employment by between 4,000 and 6,000 personnel.” The goal is for these initiatives to be finished by the conclusion of the fiscal year 2025.
Worldwide, HP has about 51,000 employees. Revenue for the business fell by more than 11% year over year in the most recent fiscal quarter, reaching $14.8 billion. Enrique Lores, CEO of the company, attributed the subpar performance to macroeconomic factors and “softening demand” for its PCs and printers.
According to the statement, HP’s reorganization plan will “allow [the company] to better serve our customers and generate long-term value creation by cutting our expenses and reinvesting in critical growth projects to position our business for the future,” according to Lores.
Not just HP but several tech firms have recently announced big employment layoffs. After Elon Musk assumed ownership of the business on October 27th, Twitter conducted several rounds of layoffs. This month, employment losses were also revealed by Meta and Amazon. The social media juggernaut laid off 11,000 workers on November 9th, marking the first mass layoffs in business history.
