PC-maker Hewlett Packard on Tuesday said it would layoff as many as 6,000 employees over the next three years as the slumping world economy continues to embroil the US tech sector.
HP, which had a payroll of 51,000 people at the end of 2021, said it aimed to secure $1.4 billion in annual savings through 2025 as it followed the cost-cutting path of other tech giants such as Facebook-owner Meta, Amazon and Twitter.
The plan “will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future,” HP CEO Enrique Lores said in a statement.
Meta said earlier this month it will lay off more than 11,000 of its staff and Twitter saw half of its 7,500-strong employees culled just days after the company was taken over by billionaire Elon Musk in late October.
HP, which makes computer hardware and printers, announced the layoff plan as it announced an 11.2 percent fall in revenues to $14.8 billion for the final fiscal quarter of 2022.