HP has announced its intention to lay off between 1,000 and 2,000 employees as part of its restructuring plan aimed at saving $300 million in its current fiscal year. This reduction represents approximately 1.77% to 3.44% of its workforce of 58,000. The restructuring is projected to lead to total charges of $1.2 billion over three financial years, helping to trim $1.9 billion in expenses. Executive leadership expressed confidence in their growth areas, focusing on adapting to market conditions while boosting long-term investments.
HP's decision to cut 1,000 to 2,000 jobs aims to save $300 million this fiscal year amid a restructure plan, following executive compensation claims.
The workforce reduction corresponds to 1.77% to 3.44% of HP's total employees, part of a broader initiative to reduce expenses by $1.9 billion by 2025.
CEO Enrique Lores noted the importance of adapting to changing market conditions while pursuing long-term growth in a shifting technology landscape.
HP's CFO Karen Parkhill stated, "In Q1, we drove solid progress against our financial commitments for the year, raising our savings target to $1.9 billion."
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