HP to Lay Off 6,000 Employees in Next Three Years in Cost Cutting Plan

HP says it aimed to secure $1.4 billion (roughly Rs. 11,447 crore) in annual savings through 2025.

HP to Lay Off 6,000 Employees in Next Three Years in Cost Cutting Plan

HP registered an 11.2 percent fall in revenues to $14.8 billion for the final fiscal quarter of 2022

Highlights
  • HP has a payroll of about 61,000 people
  • Meta said it will lay off more than 11,000 of its staff
  • Twitter and Amazon also announced layoff plans

PC-maker Hewlett Packard on Tuesday said it would layoff as many as 6,000 employees over the next three years as the slumping world economy continues to embroil the US tech sector.

HP, which has a payroll of about 61,000 people, said it aimed to secure $1.4 billion (roughly Rs. 11,447 crore) in annual savings through 2025 as it followed the cost-cutting path of other tech giants such as Facebook-owner Meta, Amazon and Twitter.

The plan "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 position our business for the future," HP CEO Enrique Lores said in a statement.

Meta said earlier this month it will lay off more than 11,000 of its staff and Twitter saw half of its 7,500-strong employees culled just days after the company was taken over by billionaire Elon Musk in late October.

"These are the toughest decisions we have to make, because they impact colleagues we care deeply about. We are committed to treating people with care and respect..." an HP spokesperson said in an email to AFP.

HP, which makes computer hardware and printers, announced the layoff plan as it announced an 11.2 percent fall in revenues to $14.8 billion (roughly Rs. 1,21,050 crore) for the final fiscal quarter of 2022.


What are the best wireless and wired earphones you can buy in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: HP, Layoff
CoinSwitch Pro With Support for Multi-Exchange Trading Using a Single Login Launched
Near India Teams With Move-to-Earn Platform GrowFitter to Drive Web3 Adoption
Featured video of the day
Top 5 Twitter Alternatives You Should Consider
Read in: हिंदी
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.