Nov 22, 2022 - Technology

HP will cut up to 6,000 jobs over next three years

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Illustration of two cursor hands holding a box full of office supplies.

Illustration: Allie Carl/Axios

Computer and printer maker HP Inc. said Tuesday it will cut between 4,000 and 6,000 jobs by the end of 2025 as part of a restructuring.

The big picture: The move comes amid large-scale layoffs at a number of large tech companies including Meta, Twitter and Snap.

HP said the move will save it at least $1.4 billion annually by the end of fiscal 2025.

  • However, it expects to incur $1 billion in costs due to the restructuring, with $600 million in fiscal 2023 and the rest split over the remaining two years.
  • It made the announcement alongside its quarterly earnings report.

Details: As part of that report, HP said to expect per-share earnings of 70 cents to 80 cents, excluding items. That's below consensus expectations of about 86 cents per share, per CNBC.

Go deeper: What to expect when your tech firm is downsizing

Editor’s note: This story has been corrected to show that HP Inc. made the announcement of these layoffs on Tuesday, not Wednesday.

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