HP, in turn, announces a massive redundancy plan. Up to 6,000 employees will be laid off by 2025.
Now we have to add HP to the long list of tech companies that are laying off workers en masse. The PC maker announced a wave of layoffs of up to 6,000 jobs over the next three years. This initiative is part of a larger restructuring plan announced by the company during the presentation of the results of the fourth quarter. The company estimates that its “forward transformation plan”will save $1.4 billion by the end of fiscal year 205, including pay cuts for at least 4,000 employees.
HP, in turn, announces a massive layoff plan
“The company expects to reduce the number of employees worldwide by approximately 4-6000 people,”HP said in a statement. “These actions are expected to be completed by the end of fiscal year 2025.” HP employs approximately 51,000 people worldwide. In the most recent fiscal quarter, the company’s revenue was down more than 11% from the same period a year earlier to $14.8 billion. CEO Enrique Lores blames this on global economic conditions and “decreasing demand”for the company’s computers and printers.
Up to 6,000 employees to be laid off by 2025
Following this announcement, Enrique Lores explained that HP’s restructuring plan “will enable [the company] to better serve customers and help create long-term value by cutting costs and reinvesting in growth-critical initiatives to better position our business for the future.”
HP isn’t the only tech company to announce major layoffs in recent weeks. Twitter has just completed several waves since Elon Musk took over on October 27th. Both Meta and Amazon announced layoffs this month. As part of the social media giant, the 11,000 employees laid off on Nov. 9 were the biggest wave of layoffs in the company’s history.