Add HP to the list of tech companies that cut staff. The PC maker plans to lay off as many as 6,000 employees over the next three years. The cuts are part of a broader restructuring of HP. (via Gizmodo). The company estimates its “Future-Ready Transformation plan” will save $1.4 billion by the end of fiscal 2025, in part by reducing headcount by at least 4,000 employees.
“The company expects to reduce its gross global headcount by approximately 4,000-6,000 employees,” HP said. “These actions are expected to be completed by the end of fiscal year 2025.”
HP has approximately 51,000 employees worldwide. The company’s most recent fiscal quarter saw its revenue drop more than 11 percent year-on-year to $14.8 billion. CEO Enrique Lores blamed the poor performance for macroeconomic conditions and the company’s “softening demand”. .
Following Tuesday’s announcement, Lores said HP’s restructuring plan ” [the company] to better serve our customers and drive long-term value creation by lowering our costs and reinvesting in key growth initiatives to drive our business into the future.”
HP isn’t the only tech company to have announced significant layoffs in recent weeks. Twitter was completed after Elon Musk took control of the company in 2019. and also announced layoffs this month. In the social media giant’s case, the 11,000 employees it laid off on November 9 represented the first mass layoffs in the company’s history.
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