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Sunday, December 4, 2022
HomeWorldUSA: Hewlett-Packard is laying off thousands of workers

USA: Hewlett-Packard is laying off thousands of workers

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With the layoffs, the company hopes to save $1.4 billion a year over the next three years.

US computer and printer maker HP announced Tuesday that it will lay off between 4,000 and 6,000 employees by 2025, following in the footsteps of several other technology companies that announced similar decisions this fall.

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This industry currently employs approximately 61,000 workers, or 10,000 more than a year ago.

A spokesperson for Hewlett-Packard told AFP that “this new strategy (…) will allow us to better serve our customers and create value in the long term by reducing our costs and reinvesting in key areas for the future.”

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With the layoffs, the company hopes to save $1.4 billion a year over the next three years.

Recently, several of its neighbors in the so-called Silicon Valley, such as Meta (Facebook, Instagram), Amazon, Twitter, Lyft (chauffeur-driven car booking platform), Salesforce and Stripe (online financial services), among others , announced successive waves of layoffs.

While the pandemic has generally given the tech sector a boost, the current economic crisis is taking a toll on companies in the sector, some of which had been hiring heavily thanks to their spectacular run.

In fiscal 2022, which ended at the end of October, HP had revenue of $63 billion, down 0.8 percent year-on-year, and net profit of $3.5 billion, down about half a year.

Forecasts for its usage results in the current quarter also disappointed.

On Wall Street, its share price was down around 1% in after-hours trading.

RES-EMP

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Nina
Nina
I have worked as a journalist for over 8 years. I have written for many different news outlets, including the New York Times, Wall Street Journal and CNN. I have also published my own book on the history of the world. I am currently a freelance writer and editor, and I am always looking for new opportunities to write and edit interesting content.

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