HP Inc currently employs nearly 50,000 people. The company has announced that it will sack around 4,000 to 6,000 employees in the coming years.
Another big tech company has decided to cut jobs. Around 6,000 job cuts are expected by laptop and electronics maker HP Inc. However, the company has decided to spread the layoffs till the end of FY2025. The layoffs will account for about 12 percent of the company’s global workforce.
HP incorporated currently employees approximately 50,000 people.The HP company has announced that it will lay off around 4,000 to 6,000 employees in the coming years.
During its fiscal 2022 full-year report. “The company expects to reduce its gross global workforce by approximately 4,000-6,000 employees. These actions are expected to be completed by the end of FY2025,” the statement said.
The decision to cut jobs comes amid lower sales in the PC and laptop segment following a dramatic spike during the pandemic. Inflation and recession concerns in global markets could also be one of the deciding factors. Given these conditions, HP Inc. is expected to report lower-than-expected first-quarter profit, fueled by weaker demand.
HP Inc. made this announcement under the Future Ready Transformation Plan. It anticipates annual gross run-rate cost savings of at least $1.4 billion and restructuring and other charges of approximately $1.0 billion by the end of fiscal year 2025.