HP Inc said on Tuesday it expects to cut up to 6,000 jobs by the end of fiscal 2025, or about 12 per cent of its global workforce, at a time when sales of personal computers and laptops are sliding as shoppers tighten budgets.
The PC maker also forecast a lower-than-expected profit for the first quarter as it expects softness in both consumer and commercial demand. "Many of the recent challenges we have seen in FY22 will likely continue into FY23," said chief financial officer Marie Myers during a post-earnings call. HP estimates it will incur about US$1.0 billion in labor and non-labor costs related to restructuring and other charges, with nearly US$600 million in fiscal 2023 and the rest split between the following two years.
The company, which employs nearly 50,000 people, said it expects to reduce headcount between 4,000 and 6,000.
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