Hewlett-Packard aka HP, the world’s leading manufacturing company of laptops and electronic devices, decided to join the huge list of tech companies that have officially confirmed mass layoffs on Tuesday.
During its earnings report, the company stated that it expected to cut 6,000 job positions by the end of the fiscal year 2025, accounting for 12 per cent of its total worldwide workforce.
“The company expects to reduce gross global headcount by approximately 4,000-6,000 employees. These actions are expected to be completed by the end of fiscal 2025,” the company said in its fiscal 2022 full-year report.
Source: wionews.com
the firm would lay off some of its almost 50,000 present employees, bit by bit over the ensuing years to save 1.4 billion USD. After HP reported reduced PC and laptop sales, the decision was made.
Read More: Roku lays off 200 employees after weak Q4 Results
During the pandemic, both groups’ sales increased significantly, but since offices and schools have opened, they have levelled off.
as per the experts, this choice could have been made worse by the unfortunate economical circumstances brought on by the ongoing recession and extremely high inflation.
Due to the confluence of the aforementioned factors, the PC manufacturer predicts a lower revenue for the first quarter in its report.
“Many of the recent challenges we have seen in FY’22 will likely continue into FY’23,” said Marie Myers, chief financial officer.
Source: wionews.com
In addition, HP reported an 11 per cent decrease in Q4 sales, which came in at 14.8 billion USD, in comparison with the same quarter in 2017.
The announcement made by HP as speaking of layoffs comes as many other big tech firms, such as Amazon, Meta, and Twitter, have decreased their workforces, majorly as a result of a global recession.
In the first week after Elon Musk took control of the microblogging site, Meta fired around 11,000 people from its staff while Twitter let go of half of its workforce. Amazon, which is owned by, Jeff Bezos, has declared that it will be dismissing 10,000 of its workers.
According to various sources on Tuesday, 10,000 or 6 per cent of the poor-performing employees of Alphabet Inc., the parent firm of Google, would be dismissed.
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