Nov 22, 2022 - Technology
HP will cut up to 6,000 jobs over next three years
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.