HP to cut up to 6000 jobs by 2025

HP currently has about 61,000 employees. Photo / AP

HP will cut up to 6000 jobs in the next three years, the PC maker announced on Tuesday, as it released third-quarter earnings.

The announcement came after some of HP’s younger tech industry counterparts, such as Meta and Twitter, announced job cuts in recent weeks that were enacted immediately rather than planned out over multiple years.

Lay-offs are part of the company’s plan to cut its annualised run rate by $1.4bn by the end of 2025. HP has about 61,000 employees.

HP reported 84 cents a share in earnings on US$14.8 billion in revenues, results that were slightly above analysts’ expectations, according to a Refinitiv poll.

Since taking over Twitter on October 27, Musk has stopped employees working from home, cancelled employee lunches, and laid off about 3,700 employees – roughly half of Twitter’s workforce.

Earlier, Facebook parent Meta said it is laying off 11,000 people, about 13 per cent of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.

Zuckerberg as well said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic ended.