HP plans to lay off up to 6,000 people over the next three years


HP is the latest tech giant to make layoffs due to declining sales. In reality, HP recently announced that it plans to lay off up to 6,000 employees over the next three years.

According to a CNBC report, HP said it expects to cut at least 4,000 jobs.

This isn’t the first massive job loss at HP in the past decade. In 2019, the company announced plans to lay off between 7,000 and 9,000 employees. The latest figures shared in October last year indicated that HP had approximately 51,000 employees worldwide.

While no further details have been shared about the layoffs, it’s pretty clear that the move follows declining sales in the PC market. HP is clearly impacted by the current economic climate that is causing problems for everyone in the tech industry.

Falling sales in the PC market

In its latest earnings report, HP said it had indeed experienced a slowdown in demand while welcoming a strong end to the fiscal year.

We had a strong end to the fiscal year despite a volatile macroeconomic environment and weaker demand in the second half. In the fourth quarter, we delivered on our non-GAAP EPS target, while executing on our three-year value creation plan and exceeding our core indicatorssaid Enrique Lores, President and CEO of HP. “Looking ahead, the new Future Ready strategy we introduced this quarter will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to grow our business. positioning for the future.“.

Full details of the layoffs will most likely be shared by HP in internal memos in the coming days and weeks, so expect additional information soon.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *