HP Layoff Plan: Tech company to cut 6 thousand jobs, know why IG News

HP will reduce its real estate footprint and cut 10 percent of its 61,000 global workforce over the next three years to control costs, according to Hewlett-Packard Co. CEO Enrique Lores.

The American company fired people

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HP Layoff Plan: The world’s well-known tech company Hewlett-Packard i.e. HP (HP Company) is planning to eliminate 6 thousand jobs in the coming years. In fact, due to declining demand for personal computers and continued declining revenues, the Hewlett-Packard Company was projected to cut 6,000 jobs over the next three years. Read business news here.

HP will reduce its real estate footprint and cut 10 percent of its 61,000 global workforce over the next three years to control costs, according to company CEO Enrique Lores. Restructuring costs for the company are expected to total $1 billion, about 60 percent of which will begin amortizing in the new fiscal year 2023. According to HP’s statement, it plans to save $1.4 billion annually by the end of fiscal 2025.

Global PC shipments fell by nearly 20 percent

According to Lores’ estimates, computer sales may decline by 10 percent during the current fiscal year. Global PC shipments fell nearly 20 percent in the third quarter, the biggest decline since Gartner Inc. began tracking the data in the mid-1990s. Dell Technologies Inc., which generates 55 percent of its revenue from PC sales, on Nov. 21 put forward a weaker forecast for the current quarter and signaled that some customers have delayed purchases for the foreseeable future.

Recently these companies have announced layoffs

In recent weeks, many IT businesses have made their intentions clear by starting to downsize their workforce. Meta Platforms Inc. and Amazon.com Inc. Began to lay off approximately 10,000 employees, and Twitter Inc. More than half of its 7,500 employees were laid off. While Cisco Systems Inc. Last week announced job and office cuts. Hard drive maker Seagate Technology Holdings plc has also announced about 3,000 job cuts.

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