As the US IT sector continues to be affected by the weakening global economy, PC manufacturer Hewlett Packard said on Tuesday that it will lay off up to 6,000 workers over the next three years.
According to HP, which employs approximately 61,000 employees, it plans to save $1.4 billion (or about Rs. 11,447 crore) year until 2025 as it follows the example of other internet giants like Amazon, Twitter, and Facebook-owner Meta.
Enrique Lores, CEO of HP, said in a statement that the strategy "will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future."
More than 11,000 of Meta's employees will be let go, while Twitter cut half of its 7,500-person workforce only days after being acquired by billionaire Elon Musk in late October.
"Because they affect coworkers we care strongly about, they are the hardest decisions we must make. We promise to treat everyone with consideration and respect "a representative for HP stated in an email to AFP.
In addition to announcing an 11.2 percent decline in revenues to $14.8 billion (approximately Rs. 1,21,050 crore) for the final fiscal quarter of 2022, HP, a manufacturer of printers and computer technology, also revealed a layoff plan.
