HP Joins the Lay-Off Race

HP Layoffs
HP Layoffs

HP plans to cut down positions by the end of its fiscal year in 2025, making it the most recent digital juggernaut to make a stringent decision to reduce operating expenses. According to Reuters, the corporation would probably fire close to 6,000 workers, or about 12% of its global staff, as it announced during its post-earnings call. The chief financial officer, Marie Myers declaration comes at a time when PC sales are declining.

Many companies, including Meta and Amazon, fired thousands of employees as a result of the weak macroeconomic conditions.

Myers stated on the post-earnings call that a number of the current issues from FY 2022 will persist in FY 2023. According to the research, HP may incur expenditures for restructuring and other charges totalling $1.0 billion in labour and non-labour costs, with almost $600 million in fiscal 2023 and the balance split between the following two years.

There would be 4,000 to 6,000 job losses as a result of the restructure. The company currently employs about 50,000 people. The departments that would be affected by the layoffs are still unknown.