After many major technology companies, HP is also planning to lay off its workers by the end of its 2025 fiscal year. For this reason, it is now on the list of the most recent technology companies adopting severe measures to cut their operating costs.
The company disclosed this during its post-earnings call and pointed out by Reuters the tech giant is possibly going to fire approximately 6,000 workers, which becomes nearly 12 percent of its worldwide workforce.
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The company’s chief financial officer Marie Myers made this announcement at a time when sales of PCs are falling. Multiple technology companies, including Meta, Twitter, and Amazon, have fired thousands of their employees due to bad macroeconomic situations.
Myers stated during the post-earnings call that many of the current difficulties of 2022 would continue to endure in FY 2023. According to the report, HP might obtain approximately $1.0 billion in labour and non-labour expenditures associated with the reorganization and other costs, “with approximately $600 million in fiscal 2023 and the rest remaining between the following two years”.
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Moreover, the tech giant presently has approximately 50,000 employees, and the remodeling would lead to 4,000 to 6,000 job losses. However, it is still not clear which departments are going to be affected by the layoffs. HP has further issued a statement that read,
“As part of the actions we are taking, we will be reducing the size of our workforce by 4,000-6,000 people over the next three years. 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 – including financial and career services support to help them find their next opportunity”.
Many technology companies are laying off thousands of their workers, including HP, Amazon, and Meta. And the reason behind this move is the bad macroeconomic situation. The microblogging social media platform Twitter additionally fired almost half of its employees in the previous month.
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And the tech giant is further likely to fire a couple more in the forthcoming days and weeks. However, it additionally intends to appoint staff for a couple of key positions.