The well-known PC manufacturer plans to lay off up to 6,000 employees in the next few years. The cuts are part of a broader restructuring that HP recently announced. The company estimates its Future Readiness Transformation Plan will save $1.4 billion by the end of fiscal year 2025, in part by reducing staff by at least 4,000 employees.
“The company expects to reduce its global workforce by approximately 4,000-6,000 employees,” HP said in a statement. “These actions are expected to be completed by the end of fiscal year 2025.”
HP has about 51,000 employees worldwide. In its most recent fiscal quarter, the company’s revenue fell more than 11% year over year to $14.8 billion. CEO Enrique Lores blamed macroeconomic conditions and lower demand for the company’s PCs and printers for the disappointing results.
Lores said HP’s restructuring plan “will allow us to better serve our customers and drive long-term value by reducing our costs and reinvesting in key growth initiatives to position our business for the future.”
HP is one of many technology companies to announce significant job cuts in recent weeks. Twitter laid off thousands of employees after Elon Musk bought the company, Meta is cutting 11,000 jobs, and Amazon also announced job cuts this month.