HP to lay off up to 6,000 workers over the next couple of years

In shocking news, Hewlett-Packard Company (HP) has planned to lay off about 6,000 employees in the span of the next three years as the demand for personal computers has significantly reduced.

Various tech giants have laid off employees previously 

A lot of tech giants facing financial constraints previously have laid off many employees due to the reducing needs, some of the names that are included in the list are Meta, Amazon, and Twitter respectively. As per the statistics, if 6,000 employees will be laid off by the tech giant, it will be roughly 12 per cent of its global workforce. 

"HP will reduce its real estate footprint and slash up to 10 per cent of its 61,000 global employees over the next three years to control costs", said its CEO Enrique Lores. The Chief Financial Officer Marie Myers during the post-earnings call said, "several recent challenges of 2022 would continue to continue in the financial year 2023".

The restructuring costs for the company are expected to be a total of $1 billion, with roughly 60 per cent of those costs falling in the newly started FY 2023. As per a statement by HP, their plan of laying off would save as much as $1.4 billion yearly by the end of the fiscal year 2025. The company currently owns a massive workforce with about 50,000 employees, but the restructuring would lead to 4,000 to 6,000 job losses. It is still not confirmed which departments are going to face layoffs. 

Recently, various tech giants have expressed the wish to reduce their workforce due to the financial constraints that the companies are facing. Meta Platforms Inc. and Amazon.Com Inc. have started laying off about 10,000 employees whereas Twitter laid off over 7,500 people. Also Cisco Systems Inc. last week opened up about their plan of laying off an unknown amount of employees. Hardware manufacturer Seagate Technology Holdings has said that they will be eliminating about 3,000 workers.