Laptop&nbsp;and electronic gadgets manufacturing giant Hewlett-Packard (HP) on Tuesday joined the long list of tech companies to have announced mass layoffs. The company, during its earnings call,&nbsp;said&nbsp;it expected to cut around 6,000 jobs by the end of fiscal 2025, which amounts to 12 per cent of its global workforce.

“The company expects to reduce gross global headcount by approximately 4,000-6,000 employees. These actions are expected to be completed by the end of fiscal 2025," the company said in its fiscal 2022 full-year report.&nbsp;

The company currently employs nearly 50,000 people and will stagger the layoffs in the coming years as part of its $1.4 billion cost-cutting plan. The decision was taken after HP reported lower sales in the PC and laptop segment.&nbsp;

<a href="https://www.wionews.com/videos/hp-laying-off-6000-employees-globally-over-the-next-three-years-536620">WATCH |&nbsp;HP laying off 6000 employees globally over the next three years</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hp-laying-off-6000-employees-globally-over-the-next-three-years-536620/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The sales in both segments had shot exponentially during the pandemic period but since the opening of the workplaces and schools, the sales have plateaued.&nbsp;

Experts said the decision was perhaps exacerbated by the gloomy economic conditions generated by recession and sky-high inflation.&nbsp;

The PC maker in its report predicted a lower-than-expected profit for the first quarter, owing to the combination of aforementioned conditions.&nbsp;

"Many of the recent challenges we have seen in FY'22 will likely continue into FY'23," said&nbsp;Marie Myers, chief financial officer.&nbsp;

HP has also reported a 11 per cent fall in Q4 revenue, which stood at $14.8 billion, compared to the same period last year.&nbsp;

<a href="https://www.wionews.com/world/explained-why-did-meta-fire-13-per-cent-of-its-employees-whats-in-store-for-the-facebook-parent-company-533887" target="_blank">Read more: Meta layoffs EXPLAINED: Why did Meta fire 13% of its employees? What next for the Facebook parent company?</a>

The layoffs announced by HP comes in the backdrop of major tech companies such as Amazon, Meta, and Twitter slashing their workforce, primarily due to a&nbsp;global slowdown.&nbsp;

Meta fired over 11,000 employees while Twitter showed the door to half its workforce in the first week of Elon Musk taking over the microblogging platform. Meanwhile, Jeff Bezos-owned Amazon has confirmed it will be laying off 10,000 employees&nbsp;

On Tuesday, several reports suggested that Alphabet Inc., the parent company of Google planned to fire&nbsp;10,000 or six per cent of the company's "poor performing" employees.&nbsp;

<a href="https://www.wionews.com/business-economy/google-to-lay-off-at-least-10000-poor-performing-employees-report-536482">Read more:&nbsp;Google to lay off at least 10,000 ‘poor performing’ employees in 2023: Report</a>

(With inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WATCH WION LIVE HERE:&nbsp;

Laptop and electronic gadgets manufacturing giant Hewlett-Packard (HP) on Tuesday joined the long list of tech companies to have announced mass layoffs. The company, during its earnings call, said it expected to cut around 6,000 jobs by the end of fiscal 2025, which amounts to 12 per cent of its global workforce.

Laptop and electronic gadgets manufacturing giant Hewlett-Packard (HP) on Tuesday joined the long list of tech companies to have announced mass layoffs. The company, during its earnings call, said it expected to cut around 6,000 jobs by the end of fiscal 2025, which amounts to 12 per cent of its global workforce. “The company expects to reduce gross global headcount by approximately 4,000-6,000 employees. These actions are expected to be completed by the end of fiscal 2025," the company said in its fiscal 2022 full-year report. The company currently employs nearly 50,000 people and will stagger the layoffs in the coming years as part of its $1.4 billion cost-cutting plan. The decision was taken after HP reported lower sales in the PC and laptop segment. WATCH | HP laying off 6000 employees globally over the next three years × The sales in both segments had shot exponentially during the pandemic period but since the opening of the workplaces and schools, the sales have plateaued. Experts said the decision was perhaps exacerbated by the gloomy economic conditions generated by recession and sky-high inflation. The PC maker in its report predicted a lower-than-expected profit for the first quarter, owing to the combination of aforementioned conditions. "Many of the recent challenges we have seen in FY'22 will likely continue into FY'23," said Marie Myers, chief financial officer. HP has also reported a 11 per cent fall in Q4 revenue, which stood at $14.8 billion, compared to the same period last year. Read more: Meta layoffs EXPLAINED: Why did Meta fire 13% of its employees? What next for the Facebook parent company? The layoffs announced by HP comes in the backdrop of major tech companies such as Amazon, Meta, and Twitter slashing their workforce, primarily due to a global slowdown. Meta fired over 11,000 employees while Twitter showed the door to half its workforce in the first week of Elon Musk taking over the microblogging platform. Meanwhile, Jeff Bezos-owned Amazon has confirmed it will be laying off 10,000 employees On Tuesday, several reports suggested that Alphabet Inc., the parent company of Google planned to fire 10,000 or six per cent of the company's "poor performing" employees. Read more: Google to lay off at least 10,000 ‘poor performing’ employees in 2023: Report (With inputs from agencies) WATCH WION LIVE HERE:

HP joins the list of tech companies to cull its workforce; to fire 6,000 employees

IT major HP today said it will acquire Samsung Electronics&#39; printer business in a deal valued at $1.05 billion, a move that will allow the US-based company further consolidate its position in the $55 billion A3 copier industry. 
 
The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees globally, including nearly 1,300 researchers and engineers. 
 
Samsung has key engineering centre in South Korea with operations in the US, India, China, Japan, Russia, Canada, Brazil and other countries. 
 
HP, created as part of the breakup of Hewlett-Packard Co. last year, sells personal computers. However, it gets a significant chunk of its profit from supplying ink and toner for the printers it sells. However, HP&#39;s printing division revenue fell 14 per cent in the latest quarter, while overall sales was down about 4 per cent to USD 11.9 billion. 
 
In India, HP is estimated to have close to 2,000 employees in the printer division, including R&amp;D in southern Bengaluru. 
The acquisition of Samsung&#39;s printer business is expected to be accretive in the first full year following closing, with cost synergies and a strong financial model. 
 
The transaction is expected to close within 12 months pending regulatory review and other customary closing conditions. 
After closing, Samsung has agreed to make a USD 100-300 million equity investment in HP through open market purchases, HP said in a statement. 
 
This is the largest print acquisition in HP&#39;s history and accelerates its growth opportunities in the copier segment, it added. 
&quot;It also creates new avenues for growth and greater profitability for partners as they expand managed print services as sales models shift from transactional to contractual,&quot; it said. 
 
HP said the integration costs are estimated to be in the range of $150-200 million over a three-year period. 
&quot;When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,&quot; HP president and CEO Dion Weisler said. 
 
The acquisition of Samsung&#39;s printer business allows HP to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers, he added. 
 
The deal will also strengthen HP&#39;s ability to service customers in global laser printing, a category where it has enjoyed a strong, mutually beneficial partnership with Canon, HP said. 
 
Canon is HP&#39;s supplier of printing engines in its existing product line. 
 
(PTI)

The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees

IT major HP today said it will acquire Samsung Electronics' printer business in a deal valued at $1.05 billion, a move that will allow the US-based company further consolidate its position in the $55 billion A3 copier industry. The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees globally, including nearly 1,300 researchers and engineers. Samsung has key engineering centre in South Korea with operations in the US, India, China, Japan, Russia, Canada, Brazil and other countries. HP, created as part of the breakup of Hewlett-Packard Co. last year, sells personal computers. However, it gets a significant chunk of its profit from supplying ink and toner for the printers it sells. However, HP's printing division revenue fell 14 per cent in the latest quarter, while overall sales was down about 4 per cent to USD 11.9 billion. In India, HP is estimated to have close to 2,000 employees in the printer division, including R&D in southern Bengaluru. The acquisition of Samsung's printer business is expected to be accretive in the first full year following closing, with cost synergies and a strong financial model. The transaction is expected to close within 12 months pending regulatory review and other customary closing conditions. After closing, Samsung has agreed to make a USD 100-300 million equity investment in HP through open market purchases, HP said in a statement. This is the largest print acquisition in HP's history and accelerates its growth opportunities in the copier segment, it added. "It also creates new avenues for growth and greater profitability for partners as they expand managed print services as sales models shift from transactional to contractual," it said. HP said the integration costs are estimated to be in the range of $150-200 million over a three-year period. "When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries," HP president and CEO Dion Weisler said. The acquisition of Samsung's printer business allows HP to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers, he added. The deal will also strengthen HP's ability to service customers in global laser printing, a category where it has enjoyed a strong, mutually beneficial partnership with Canon, HP said. Canon is HP's supplier of printing engines in its existing product line. (PTI)

HP to acquire Samsung's printer business for $1.05 billion

hewlett-packard

Hewlett Packard, News on Hewlett Packard, stories on Hewlett Packard, articles on Hewlett Packard, Hewlett Packard stories at Wion, Hewlett Packard news, Hewlett Packard latest news

hewlett packard

HP joins the list of tech companies to cull its workforce; to fire 6,000 employees

HP to acquire Samsung's printer business for $1.05 billion