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    HP just announced it will lay off up to 6,000 employees

    It’s been a bleak fall season for the tech sector. In recent months, tech companies including Twitter, Meta, and Amazon (among others) have announced thousands of layoffs — and as of Tuesday, there was one more to add to the list: HP.

    As part of its latest earnings announcement, HP shared plans to cut between 4,000 and 6,000 employees — about 10% of its workforce — in the coming years. The job cuts are part of the company’s “Future Ready Transformation” plan, which is being implemented in response to declining consumer demand. All told, the company said the layoffs should save $1.4 billion annually.

    “The new Future Ready strategy we introduced this quarter enables us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to get our business ready. steam for the future,” said HP President and CEO Enrique Lores in a statement accompanying HP’s Q4 and fiscal 2022 earnings report.

    HP was already clearing its ranks earlier announced its elimination in 2019 of between 7,000 and 9,000 jobs by the end of fiscal 2022 (which was October 31 of this year). But, as noted, HP isn’t alone in cutting jobs this year. Some 850 different tech companies have cut more than 137,000 jobs since early 2022, according to Laid off. for your information.

    While HP has been cutting jobs for at least a few years, the new batch that is scheduled to be cut is largely due to a shaky economic environment, and one in which demand for personal computers in particular is rapidly declining. Last month, data from research firm Gartner showed that worldwide shipments of personal computers fell 19.5% in the third quarter of 2022 – the largest decline in two decades.

    Gartner’s data also showed a big decline in HP’s overall worldwide shipments, and specifically for laptops. Year-over-year, Gartner estimated a 28% decline in unit shipments for HP, the largest among the top brands of computer manufacturers, including Lenovo, Dell and Apple.

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