Add HP to the list of tech companies cutting 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 HP announced during its Q4 earnings call on Tuesday (via Gizmodo). The company estimates its “Future Ready Transformation plan” will save it $1.4 billion by the end of fiscal 2025, in part by reducing its headcount by at least 4,000 employees.
“The company expects to reduce gross global headcount by approximately 4,000-6,000 employees,” HP said. “These actions are expected to be completed by the end of fiscal 2025.”
HP employs approximately 51,000 employees globally. The company’s most recent fiscal quarter saw revenue drop by more than 11 percent year-on-year to $14.8 billion. CEO Enrique Lores blamed the poor performance on macroeconomic conditions and “softening demand” for the company’s PCs and printers.
Following Tuesday’s announcement, Lores said HP’s restructuring plan would “enable [the company] to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future.”
HP isn’t the only tech company to announce significant job cuts in recent weeks. Twitter completed multiple rounds of layoffs after Elon Musk took control of the company on October 27th. Meta and Amazon also announced job cuts this month. In the case of the social media giant, the 11,000 employees it let go on November 9th represented the first mass layoffs in the company’s history.