Another Tech Company Announces Massive Layoffs

Another Tech Company Announces Massive Layoffs

Personal computer company HP will dismiss between 4,000 and 6,000 employees, joining other firms in the technology sector making efforts to reduce headcount amid economic headwinds.

The company reported net revenues of $14.8 billion in the fourth quarter, marking a decline from $16.7 billion in the same period last year. The effort to reduce payrolls, which will conclude by the end of fiscal year 2025, will save approximately $1 billion.

“Looking forward, the new Future Ready strategy we introduced this quarter 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 the earnings report.

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HP, not to be confused with Hewlett Packard

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