HP is shedding as much as 2,000 folks of its 58,000-person international workforce. The pc and printer big disclosed the information in an SEC submitting on Thursday.
“HP expects incremental gross workforce reductions of roughly 1,000 to 2,000 workers,” the submitting reads. “The modifications to the workforce will differ by nation, based mostly on native authorized necessities and consultations with worker works councils and different worker representatives, as applicable.”
The layoffs are anticipated to happen earlier than the shut of HP’s fiscal yr 2025, which ends in October. The cuts may assist HP save as much as $300 million, per the submitting.
HP has not specified the departments set to be affected by the cuts or the roles that shall be impacted. CEO Enrique Lores informed Bloomberg on Friday that the most recent spherical of layoffs will happen “all around the firm” and that HP has been “very selective and really strategic” about the place to make cuts.
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“It isn’t solely cuts, we’re additionally doing rebalancing,” Lores mentioned. “On the similar time, we’re investing in different areas.”
Lores specified that HP’s high-priority funding areas embrace AI and buyer expertise.
HP CEO Enrique Lores. Photographer: Annabelle Chih/Bloomberg through Getty Photographs
The layoffs are a part of HP’s cost-cutting initiative “Future Now,” which the corporate launched in November 2022, per The Wall Avenue Journal.
The initiative initially aimed to put off 7,000 workers. With the brand new spherical of cuts, the full variety of laid-off employees may tick as much as 9,000 workers, with total financial savings reaching $1.9 billion.
The layoff information arrived as HP posted its fiscal first quarter 2025 earnings on Thursday. Web income for the corporate was up 2.4% year-over-year, reaching $13.5 billion.