According to an SEC filing on Thursday, HP intends to lay off up to 2,000 workers out of its 58,000 global workforce.
According to the filing, HP anticipates layoffs of 1,000–2,000 workers, with country-specific adjustments determined by local legal requirements and employee representative consultations.
HP To Layoff Up To 2000 Workers
The filing says, “HP expects incremental gross workforce reductions of approximately 1,000 to 2,000 employees. The changes to the workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate.”
Before HP’s fiscal year 2025 ends in October, the layoffs are expected to occur, potentially saving the company up to $300 million.
The precise departments and positions that will be affected by the layoffs have not been disclosed by HP.
The layoffs will take place “all over the company,” according to CEO Enrique Lores, who also said HP has been strategic and selective in deciding where to make the cuts.
HP is redistributing its resources and making investments in fields like artificial intelligence and customer experience in addition to layoffs.
Layoffs Are Part of Cost-Cutting Initiative
The layoffs are a component of HP’s cost-cutting “Future Now” initiative, which was unveiled in November 2022.
The new round of layoffs could raise the total number of layoffs to 9,000 employees, which would save $1.9 billion. The original plan called for 7,000 employees to be let go.
HP’s fiscal first-quarter 2025 earnings report, which revealed net revenue up 2.4% year-over-year to $13.5 billion, was released concurrently with the layoff announcement.
Tech giant Meta Platforms Inc. is preparing to lay off 3,000 employees, amounting to 5% of its total workforce, according to a leaked memo obtained by Business Insider. The job cuts, scheduled for February 10, 2025, are part of Meta’s ongoing restructuring efforts aimed at eliminating low performers while boosting investments in artificial intelligence (AI).
Ola Electric Mobility Ltd is planning to lay off over 1,000 employees and contract workers as part of its effort to control growing losses, according to a Bloomberg report. The layoffs will affect several departments, including procurement, customer relations, charging infrastructure, and fulfilment. These cuts are aimed at reducing costs as the company, backed by SoftBank Group, has been grappling with financial struggles and regulatory scrutiny. Following the announcement, Ola Electric’s shares dropped 5%, hitting a 52-week low of Rs 54.
