Layoffs: News of releases is causing anxiety among employees at large organizations, and HP has now joined the list of corporations doing so.
There have been reports of layoffs or a fresh hiring freeze from numerous national and international businesses. HP, a manufacturer of computers and printers, is the most recent brand in this line. HP Inc. announced on Tuesday that it will be laying off between 4,000 and 6,000 workers over the next three years. This is the most recent information about a technological company’s layoffs.
It is estimated that roughly 10% of HP Inc.’s staff will be laid off due to this layoff. This is a component of the business’s plans to reduce costs. The corporation is taking this action due to HP’s consistently dropping revenue and financial worries. The corporation announced on Tuesday that its fourth-quarter sales, which was $14.8 billion in the same quarter last year, had decreased by 11.2 percent.
Sales of HP are down
The corporation has also stated that poor desktop sales contributed to its decision to lay off employees. As a result, personal computer firms have encountered significant challenges in the past few months. The company has also reported that its computer division’s sales, which were $10.3 billion in the fourth quarter, decreased by 13%. The company’s overall consumer revenue has reduced by 25% year over year as a result of this.
Remarks from the company’s CEO
Enrique Lores, CEO of HP Inc., stated that the company’s products have sold poorly over the past six months due to the instability of the macroeconomic climate and the decline in demand.
Large corporations are also enforcing layoffs
The HP Inc. layoffs are a sign that the fear of a global recession is growing in many countries. Many large firms, including Amazon, Meta, and Twitter, have already announced layoffs in these times of high interest rates and increasing inflation rates.
