HP says it will lay off up to 6,000 workers over the next two years | CNN Business
HP Inc. announced on Tuesday that it will lay off thousands of workers over the next three years, becoming the latest tech company to significantly reduce its workforce amid a tough economic climate.
The computer maker revealed the significant job cuts late Tuesday in a statement accompanying its lackluster quarterly earnings report, where it also said sales fell more than 11% compared to the same period last year.
“The company expects to reduce gross global headcount by approximately 4,000 to 6,000 employees,” HP said. “These actions are expected to be completed by the end of fiscal year 2025.”
HP had previously reported that it had a global workforce of about 51,000 employees.
HP President and CEO Enrique Lores added in a statement that the company’s so-called “Future Ready strategy” will “allow 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 businesses for the future.”
The news makes HP the latest in a growing list of once-flying tech companies now announcing major job cuts. Facebook parent Meta recently said it was cutting 11,000 jobs at the company, and Amazon ( AMZN ) confirmed last week that they had begun broad layoffs at the e-commerce giant that would continue into next year.