Add HP to the list of tech companies laying off workers. Over the next three years, the PC manufacturer intends to lay off up to 6,000 workers. The layoffs are part of a larger restructuring announced by HP during its fourth-quarter earnings call on Tuesday.
The company estimates that its “Future Ready Transformation plan” will save it $1.4 billion by the end of fiscal 2025, in part by laying off at least 4,000 workers.
“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,” HP said.
HP employs approximately 51,000 people worldwide. In the most recent fiscal quarter, revenue fell by more than 11% year on year to $14.8 billion. CEO Enrique Lores attributed the company’s poor performance to macroeconomic conditions and “softening demand” for PCs and printers.
After the 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 technology company that has announced significant job cuts in recent weeks. Following Elon Musk’s takeover of Twitter on October 27th, the company went through several rounds of layoffs.
This month, Meta and Amazon both announced layoffs. In the case of the social media giant, the 11,000 employees laid off on November 9th were the first in the company’s history.