HP to Cut Thousands of Jobs After Meta, Amazon and Twitter
PC maker Hewlett Packard said on Tuesday it will lay off about 6,000 jobs over the next three years as the global economic downturn continues to weigh on the US technology sector.
HP, which employs about 61,000 people, said it aims to secure $1.4 billion (about Rs. 11,447 crore) in annual savings by 2025 as it follows the cost-cutting path of other tech giants such as Facebook Meta owner Amazon. and Twitter.
The plan “will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future,” HP CEO Enrique Lores said in a statement.
Meta said earlier this month it would lay off more than 11,000 employees and Twitter saw half of its 7,500 employees laid off just days after the company was taken over by billionaire Elon Musk in late October.
“These are difficult decisions that we have to make, because they affect our partners that we care about the most. We are committed to treating people with care and respect…” said a spokesperson for HP in an email sent to AFP.
HP, which makes computer hardware and printers, announced the layoff plan as it announced an 11.2 percent decline in revenue to $14.8 billion (roughly Rs. 1,21,050 crore) in the last fiscal quarter of 2022.
