HP says it will cut workforce by 4,000-6,000 by end of fiscal 2025
Other companies in the tech sector have announced plans to reduce workforces
HP Inc. said Tuesday it plans to reduce its employee headcount by 4,000 to 6,000 by the end of fiscal 2025.
The layoffs are part of HP Inc.’s newly announced "Future Ready Transformation" plan for fiscal 2023. The computer maker anticipates the layoffs will come with about $700 million in related labor costs, according to a Securities and Exchange Commission filing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HPQ | HP INC. | 36.45 | +1.02 | +2.88% |
HP Inc. reported having roughly 51,000 employees as of Oct. 31 last year.
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In the fourth quarter, HP Inc. said its net revenue was $14.8 billion, compared to $16.68 billion the same period last year. Its net loss came in at $2 million.
HP products on display (iStock / iStock)
The company’s personal systems segment saw a year-over-year net revenue decrease in the fourth quarter, dropping 13%. Its total units also declined 21%, and printing net revenue came in at $4.5 billion, 7% lower than last year, HP Inc. said.
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HP Inc.'s outlook for fiscal 2023 included projections of GAAP diluted net earnings per share between $0.47 to $0.57 for the first quarter and $2.22 to $2.62 for the full year.
Close-up photo of computer chip
Other companies in the technology sector have recently said they had plans for workforce reductions.
Amazon confirmed in mid-November it had started a round of layoffs that The Wall Street Journal reported could wind up totaling 10,000.
Meta Platforms, the corporate parent of Facebook, said earlier in November it would be trimming its headcount by over 11,000. About a week before that, ride-share company Lyft announced a 13% workforce reduction, equating to roughly 683 employees.
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In October, Microsoft also let employees go.