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>

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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)

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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

HP Inc said it expects to cut about 3,000 to 4,000 jobs over the next three years, as the maker of printers and personal computers continues to struggle with a subdued market, sending its shares down 1.3 per cent in extended trading.

HP, which houses the hardware business of former Hewlett-Packard Co, said in February it would accelerate its restructuring program and slash around 3,000 jobs by the end of fiscal 2016.

HP chief executive Dion Weisler said the market continued to be volatile, facing pressures and uncertainties.

&quot;Our core markets are challenged and macroeconomic conditions are in flux right now,&quot; Weisler said.

HP expects adjusted profit for fiscal 2017 to be $1.55-$1.65 per share. Analysts on average had expected $1.61 per share, according to Thomson Reuters.

Raising its quarterly dividend by 7 per cent, HP also said it would increase its share buyback program by $3 billion.

The company expects restructuring and other charges of $350 million to $500 million and the move is expected to generate gross annual run rate savings of $200 million to $300 million beginning in fiscal 2020, HP said.

According to research firm Gartner, worldwide PC shipments in Q3 fell 5.7 per cent, eighth consecutive quarter of PC shipment decline. Gartner also said that this is the longest duration of decline in the history of the PC industry.

HP shares have gained 28 per cent this year up to Thursday&#39;s close.

(Reuters)

HP chief executive Dion Weisler said the market continued to be volatile, facing pressures and uncertainties

HP Inc said it expects to cut about 3,000 to 4,000 jobs over the next three years, as the maker of printers and personal computers continues to struggle with a subdued market, sending its shares down 1.3 per cent in extended trading. HP, which houses the hardware business of former Hewlett-Packard Co, said in February it would accelerate its restructuring program and slash around 3,000 jobs by the end of fiscal 2016. HP chief executive Dion Weisler said the market continued to be volatile, facing pressures and uncertainties. "Our core markets are challenged and macroeconomic conditions are in flux right now," Weisler said. HP expects adjusted profit for fiscal 2017 to be $1.55-$1.65 per share. Analysts on average had expected $1.61 per share, according to Thomson Reuters. Raising its quarterly dividend by 7 per cent, HP also said it would increase its share buyback program by $3 billion. The company expects restructuring and other charges of $350 million to $500 million and the move is expected to generate gross annual run rate savings of $200 million to $300 million beginning in fiscal 2020, HP said. According to research firm Gartner, worldwide PC shipments in Q3 fell 5.7 per cent, eighth consecutive quarter of PC shipment decline. Gartner also said that this is the longest duration of decline in the history of the PC industry. HP shares have gained 28 per cent this year up to Thursday's close. (Reuters)

HP to cut up to 4,000 jobs over next three years

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

HP to cut up to 4,000 jobs over next three years