HP plans to lay off up to 6,000 employees over the next three years
Published , by Morgan Shaver
HP announced today that it plans to lay off 4,000 to 6,000 employees over the next three years. The news comes courtesy of HP’s most recent Q4 2022 earnings report in which it shares a statement addressing the upcoming layoffs. It describes them as a reduction in “gross global headcount” with the process set to be completed by the end of fiscal 2025.
HP joins other companies in conducting mass layoffs like Facebook parent META which is currently looking at a reduction of 11,000 employees, and Amazon which reportedly plans to drop 10,000 employees ahead of the upcoming holiday season.
Other information included in HP’s earnings report note a 2022 fiscal revenue of $63.0 billion, down 0.8 percent from the prior-year period, and fourth quarter net revenue at $14.8 billion, down 11.2 percent. Additionally, things like Personal Systems net revenue fell as well with $10.3 billion reported down 13 percent year over year. Consumer net revenue also decreased by 25 percent, with total units down 21 percent.
Now that you’re caught up with HP’s latest earnings and plans to “reduce global headcount” by 4,000 to 6,000 employees, be sure to read through some of our previous coverage including Amazon CEO Andy Jassy saying that company layoffs will continue into 2023, and previous layoffs at GameStop (GME) following CFO Mike Recupero’s departure.