HP in turn lays off thousands of employees. The American manufacturer of personal computers and printers announced on Tuesday (November 22) that it would lay off between 4,000 and 6,000 employees by 2025, becoming the latest technology group to launch a social plan this fall.
The company currently has around 61,000 employees, some 10,000 more than a year ago.
This new strategy (…) will enable us to better serve our customers and create long-term value by reducing our costs and reinvesting in key areas for the future.”said a spokesperson for HP to Agence France-Presse.
With the layoffs, she hopes to save $1.4 billion a year over the next three years.
Tech caught up in the crisis
Recently, its neighbors in Silicon Valley, Meta (Facebook, Instagram), Twitter, Lyft (driver-based car reservation platform), Salesforce and Stripe (online financial services), among others, announced significant workforce reductions .
While the pandemic had largely benefited the tech sector, the economic crisis caught up with its companies, some of which had hired a lot, betting on strong growth over time.
In its 2022 fiscal year, which ended at the end of October, HP achieved a turnover of 63 billion dollars, down 0.8% over one year, from which it generated a net profit of 3.5 billion dollars, halved over one year. Its guidance for the current quarter also disappointed.
On Wall Street, its title lost about 1% during electronic trading after the close of trading.