PALO ALTO, Calif. (KRON) — Hewlett-Packard is the latest company to announce mass layoffs that could impact between 4,000 and 6,000 employees, the company confirmed to KRON4. HP, which is headquartered in Palo Alto, said in a press release Tuesday that it plans to cut between 4,000 and 6,000 jobs.
“The company expects to reduce gross global headcount by approximately 4,000-6,000 employees,” HP said.
The cuts are part of the company’s 2023 Future Ready Transformation plan. The goal of the plan is, “Driving significant structural cost savings through digital transformation, portfolio optimization and operational efficiency,” HP said. The plan is expected to be completed by the end of 2025.
The press release sent out by HP also included an update on the company’s finances. HP said it netted $63 billion in revenue for the 2022 fiscal year. However, that figure is down 0.8% from the previous year’s period.
“We had a solid end to our fiscal year despite navigating a volatile macro-environment and softening demand in the second half,” said Enrique Lores, HP’s president, and CEO.
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KRON4 reached out to Hewlett-Packard for comment and received the following statement from an HP spokesperson:
“The new Future Ready strategy we introduced this quarter will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future.
As part of the actions we are taking, we will be reducing the size of our workforce by 4,000-6,000 people over the next three years. These are the toughest decisions we have to make, because they impact colleagues we care deeply about. We are committed to treating people with care and respect – including financial and career services support to help them find their next opportunity.”