Layoffs: Big companies are making their employees nervous due to the news of layoffs and now HP’s name has also been added to this list.
Layoffs: There are news of layoffs or new hiring freeze from many companies in the country and the world. The latest name in this series is that of computer and printer maker HP. HP Inc. said on Tuesday that the company plans to lay off 4,000 to 6,000 employees in the coming three years. This is the latest news indicating layoffs by a technology company.
About 10 percent of the workforce will be retrenched
This layoff in HP Inc. is said to be about 10 percent layoff from its current workforce. This is a part of the company’s cost cutting plans. The company is going to do this due to HP’s continuously declining sales and economic concerns. In fact, on Tuesday itself, the company said that there has been a decline of 11.2 percent in its fourth quarter revenue which was recorded at $14.8 billion in the same quarter a year ago.
HP sales are declining
The company has also cited weak desktop sales as one of the reasons behind taking this decision of layoffs. Due to this, personal computer companies have had to face big problems in recent months. The company has also said that the sales of its computer division have seen a decline of 13 percent in the fourth quarter and it has come to $ 10.3 billion. Due to this, the company has seen a decline of 25 percent in its total consumer revenue on a year-on-year basis.
Statement from the CEO of the company
HP Inc. CEO Enrique Lores said in a statement that sales of the company’s products have been low in the last six months due to the unstable macro environment and the slowdown in demand.
Many big companies are also doing layoffs
The layoffs at HP Inc. are an indication that the fear of recession in many countries of the world is deepening. In the era of high interest rates and rising inflation rates, many big companies like Amazon, Meta, Twitter have already indicated about layoffs.
