In the face of declining revenue, HP has announced it expects to lay off 4,000 to 6,000 employees by the end of fiscal year 2025, reducing its 51,000-strong global workforce by about 12%.
The news comes as economic turbulence causes other major technology companies to announce layoffs.
The news of the HP job cuts was made public when the company on Tuesday posted its fourth quarter 2022 financial results, which saw a year-on-year decline in revenue of 11.2% to $14.8 billion. The company’s personal systems, consumer, and commercial segments fell by 13%, 25% and 6% respectively. Notebook and desktops units also saw a decline, with units decreasing by 21% overall.