U.S. HP Inc. on Tuesday announced its layoff plan to eliminate between 4,000 and 6,000 jobs over the next three years.
For its fiscal fourth quarter of 2022, HP reported 14.8 billion U.S. dollars in revenue, down 11 percent from the year-ago quarter. Revenue was down 8 percent when adjusted for currency.
The Silicon Valley company said sales in its computing business were down 13 percent last quarter and its printing revenue was down 7 percent year over year.
“We think that at this point it’s prudent not to assume that the market will turn during 2023,” HP’s CEO Enrique Lores was quoted as saying in a report by The Wall Street Journal.
In October 2021, HP had around 51,000 employees. The company is said to have around 61,000 employees globally now.
The U.S. tech industry is cutting jobs as market demands and share prices fell, and the beneficial changes in consumer behavior during the COVID pandemic didn’t persist. Amazon, Facebook, Twitter and many other large tech companies have all laid off workers in recent weeks.