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HP Latest To Lay Off Employees, Will Let Go Of Nearly 6,000 Over Next Three Years

The American multinational has reported a dip of 0.8 per cent in net revenue and is the latest after Twitter, Amazon and Google to announce job cuts.

HP Latest To Lay Off Employees, Will Let Go Of Nearly 6,000 Over Next Three Years
Sales of personal computers have slowed down for all major manufacturers.

HP Inc., the American IT major, is the latest to hop on to the layoff bandwagon. In a reflection of difficult times for the demand of personal computers, the computer giant plans to slash its workforce by around 10 per cent – anywhere from 4,000 to 6,000 over the next three years.

HP’s announcement came on Tuesdsay, November 22. Currently, the company has around 51,000 employees worldwide. “As part of the actions we are taking, we will be reducing the size of our workforce by 4,000-6,000 people over the next three years. These are the toughest decisions we have to make, because they impact colleagues we care deeply about. We are committed to treating people with care and respect – including financial and career services support to help them find their next opportunity.”

As part of its ‘Future Ready Transformation Plan’, the company aims to attain an estimated annualised gross run rate cost savings of at least $1.4 billion by the end of FY25, and restructuring and other charges of approximately $1 billion.

For FY22, HP and its subsidiaries had a net revenue of $63 billion. This is not the first time that the Palo Alto firm has downsized its workforce. Earlier too, as part of restructuring, HP had let go of 4,500 employees by the end of FY19.

The California-based company develops PCs, printers, and related peripherals and supplies. The majority of their revenue comes from the sale of desktop and notebook computers, with printer supplies and printers, both commercial and consumer, making up the remainder.

On November 1, 2015, the erstwhile Hewlett-Packard company spun off its enterprise products and services business Hewlett Packard Enterprise. HP retained the personal computer and printer businesses and was renamed HP Inc.

Dell, arguably its chiefest rival, also warned of further decline in PC demand after its own laptop and desktop sales fell by 17 per cent for the third quarter.

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