HP will cut up to 6,000 jobs over the next three years because PC sales are falling

Following the lead of other major technology companies recently announcing job cuts, HP Inc. plans to reduce its staff by eliminating up to 6,000 jobs over the next three years. This move is being made in response to the falling demand for PC, which has resulted in decreased profits.

According to a report by the news agency Bloomberg, the corporation forecasted that its earnings for the fiscal year that will finish in October 2023 would be between $3.20 and $3.60 per share, excluding certain things. According to comments made by the chief executive officer Enrique Lores in an interview, the projection considers a ten percent decrease in computer sales throughout the financial year. According to the CEO, the firm anticipates a difficult operating climate in the market.

According to Lores, HP plans to shrink its real estate footprint and eliminate as much as 10 percent of its worldwide staff over the next three years to minimize expenses. HP now has 61,000 employees throughout the world.

In the most recent weeks, several IT corporations have made public their plans to reduce employee headcount. Amazon.com, Inc. and Meta Platforms, Inc. began eliminating around 10,000 positions, and Twitter, Inc. terminated more than half its staff of 7,500 people. Seagate Technology Holdings Plc, which makes hard drives, and Cisco Systems Inc., which makes networking equipment, announced plans to lay off employees and close operations in the last week. Seagate will eliminate around 3,000 positions.

In addition to manufacturing printers, HP intends to look into the possibility of investing in other types of businesses, such as subscription services. According to Lores, the firm, which is headquartered in Palo Alto, California, currently provides subscriptions for ink, and it will now investigate ideas for additional items such as printer paper and computers.

Mike Anderson
Mike is a PC hardware enthusiast who has been writing about PCs and technology since he graduated from Iqra University. He started blogging about 5 years ago as a way to share his passion for technology with others, and he continues to write today because he loves it.