HP’s revenues decreased 11% year-over-year in the prior quarter to $14.8 billion (converted approximately €14.4 billion). This decrease is mainly due to the fact that the company makes most of its money from selling computers. And it is precisely the demand for this that remains persistently low.
The job cuts are part of a plan to save $1.4 billion annually by 2025. The restructuring itself will cost HP about $1 billion, the company says. To save costs, HP wants to say goodbye to 6,000 employees in the next three years. This equates to about 10 percent of the global workforce of 61,000 employees.
Several big tech companies have been hit hard in recent weeks. For example, Meta, the parent company of Facebook, announced earlier this month that the company is cutting 11,000 jobs. In the video below, tech expert Kenneth Dée explains why Meta is doing so badly.
Elon Musk’s takeover of Twitter is also accompanied by thousands of layoffs. The first thing the tech billionaire did after the takeover in late October was lay off 3,700 employees. In this video you can read the email announcing the round of layoffs.
Last week, “The New York Times” also wrote about that tech giant Amazonia cooked plant. According to the American newspaper, it would cut as many as 10,000 jobs, equal to 3 percent of Amazon’s office staff.
