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HP to lay off up to 6,000 people due to need for computer cooling

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HP will cut up to 10% of all staff

JOHN G. MABANGLO/EPA

HP will cut up to 10% of all staff

JOHN G. MABANGLO/EPA

HP, known for its computers, has announced that it will reduce the number of workers over the next three years due to PC buy market cooling🇧🇷 The company, which presented the results on Tuesday evening, explained that it may have to lay off between 4 and 6 thousand peoplewhich is equivalent to about 10% of the current total of 61,000 workers.

The computer and printer maker explained that with these reserves and other transformation processes, it aims to save US$1.4 billion by 2025. To make these cuts and other changes, HP expects costs to be around $1 billion. The CEO does not anticipate an inversion of the current complex context the company is facing, hence the presentation of this “transformation” plan. “We think it’s reasonable at this point not to assume the market will transform over the course of 2023,” said Enrique Lores, HP CEO, quoted by the Wall Street Journal.

When reporting quarterly results, HP showed an 11.2% decline in revenue in equivalent terms to $14.8 billion and a loss of $2 million for the quarter, comparable to a profit of $3.1 billion a year ago.

Computers continue to be HP’s largest source of revenue, generating $10.3 billion for the quarter, but recording a 13% drop in revenue compared to the same period last year. In the printer segment, revenue also fell 7% to $4.5 billion.

Source: Observador

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