– USA HP Inc. announced on Tuesday its layoff plan to eliminate between 4,000 and 6,000 jobs over the next three years.
For its fiscal fourth quarter of 2022, HP reported US$14.8 billion in revenue, down 11 percent from the prior-year quarter. Revenue fell 8 percent when adjusted for currency.
The Silicon Valley company said sales at its computing business fell 13 percent last quarter and its printing revenue fell 7 percent year-over-year.
“We think that at this point it is prudent not to assume that the market will change during 2023,” HP Chief Executive Enrique Lores said, according to a report in The Wall Street Journal.
As of October 2021, HP had about 51,000 employees. The company is said to have around 61,000 employees worldwide now.
The US tech industry is cutting jobs as market demands and stock prices fall, and the beneficial shifts in consumer behavior during the COVID pandemic have not persisted. Amazon, Facebook, Twitter and many other big tech companies have laid off workers in recent weeks. ■