US PC and printer maker HP announced on Tuesday (Nov. 22) that it will cut between 4,000 and 6,000 jobs by 2025, becoming the latest technology group to launch a layoff this fall. The company currently has about 61,000 employees, about 10,000 more than a year ago.
“This new strategy (…) will allow us to better serve our customers and create long-term value by reducing our costs and reinvesting in key areas for the future.”An HP representative told AFP. With the layoffs, he hopes to save $1.4 billion a year over the next three years.
-1% on Wall Street
Recently, its Silicon Valley neighbors Meta (Facebook, Instagram), Twitter, Lyft (driver-based ride-hailing platform), Salesforce and Stripe (online financial services), among others, have announced workforce about a significant reduction. While the pandemic has largely benefited the tech sector, the economic crisis has caught up with its companies, some of which have hired heavily, betting on strong growth over time.
In its 2022 fiscal year, which ended in late October, HP had revenue of $63 billion, down 0.8% year-on-year, with net profit of $3.5 billion, halved for the year. Its guidance for the current quarter also disappointed. On Wall Street, its stock lost about 1% in after-hours trading in electronic trading.
Source: Le Figaro
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