Layoffs: HP Inc. has announced that it will eliminate 6,000 positions, or 10% of its global workforce, over the next three years, joining the chorus of multinational computer companies that are laying off staff.
According to media reports, the corporation claimed that dropping personal computer sales had reduced profitability, leading it to turn to cost-saving measures.
Enrique Lores, the CEO of HP Inc., said in an interview that the prediction implies a 10% fall in computer sales for the fiscal year. We anticipate a difficult market climate, he said. By the conclusion of the fiscal year 2025, HP estimates that the plan will have saved as much as $1.4 billion annually.
In recent weeks, a number of major international tech businesses have revealed their intentions to lay off employees in an effort to cope with the mounting cost pressure amid difficult economic conditions. About 10,000 job cuts were announced by Meta Platforms, Amazon, and Twitter, who fired more than half of its approximately 7,000 employees.
Through a new ranking and performance improvement strategy, Google, which up to now has avoided the trend of job cutbacks across several sectors, plans to gradually let go of 10,000 people. According to a story in The Information, this is the result of pressure from an activist hedge fund, unfavourable market conditions, and a need to reduce expenses.
Over 4,000 people, or roughly 5% of the company’s staff, are apparently being let go by networking giant Cisco as part of a “rebalancing” effort to downsize some operations.
850 businesses, including tech giants like Amazon, Twitter, and Meta, have fired up to 1,36,989 workers so far in 2022.
