HP to cut up to 6,000 jobs by end of fiscal 2025
The logo for The Hewlett-Packard Company is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File Photosaid on Tuesday it expects to cut up to 6,000 jobs by the end of fiscal 2025, or about 12% of its global workforce, at a time when sales of personal computers and laptops are sliding as shoppers tighten budgets.
The PC maker also forecast a lower-than-expected profit for the first quarter as it expects softness in both consumer and commercial demand. "Many of the recent challenges we have seen in FY'22 will likely continue into FY'23," said chief financial officer Marie Myers during a post-earnings call. HP estimates it will incur about $1.0 billion in labor and non-labor costs related to restructuring and other charges, with nearly $600 million in fiscal 2023 and the rest split between the following two years.
The company, which employs nearly 50,000 people, said it expects to reduce headcount between 4,000 and 6,000.
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