HP To Lay Off Up To 6,000 Employees Worldwide By 2025

HP To Lay Off Up To 6,000 Employees Worldwide By 2025
Computer and printer maker HP Inc. has been seeking to fend off a takeover bid from Xerox

Computer company HP Inc. (HPQ) announced Tuesday that it would be laying off 4,000 to 6,000 employees worldwide over the next three years. The announcement comes after the computer giant reported weak consumer and commercial PC sales.

HP cut its global staff by 9,000 in 2019. During the height of the pandemic, PC sales rose as people scrambled to work from home. That growth did not last.

HP is the latest tech giant to experience a recent staffing cutback. Amazon, Meta, and Twitter have all experienced challenges in 2022 as the tech boom dies. Meta, the owner of Facebook, Instagram, and WhatsApp, laid off 13% of its workforce earlier this month and Amazon has stated plans to lay off approximately 10,000 people in corporate and technology jobs as soon as this week.

In a statement on Tuesday, HP said revenue during Q4, which ended on Oct. 31, was down by 0.8% from last year to $14.80 billion. The highest area of revenue loss was in Personal Systems, where PC sales are categorized. Personal Systems sales fell by 13%, with the overall sale of units falling by 21%.

“Consumer net revenue decreased by 25%, and Commercial net revenue decreased by 6%. Total units were down 21% with Notebooks units down 26% and Desktops units down 3%,” the report reads.

Printing revenue, including unit sales, was down by 7%. HP’s Q3 report saw Personal Systems revenue down by 3% and printing sales down by 6%.

HP shares rose by 1% in after-hours trading on Tuesday following the layoff announcement. During pre-market hours on Wednesday, HP shares were up 2.28%.

In October 2021, HP reported having around 51,000 global employees.

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