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HP to cut up to 6,000 jobs by end of fiscal 2025

(Reuters) -HP Inc said on Tuesday it expects to reduce its global headcount by about 4,000 to 6,000 by the end of fiscal 2025. The PC maker estimates it will incur about $1.0...
HP to cut up to 6,000 jobs by end of fiscal 2025 © Reuters. FILE PHOTO: The logo for The Hewlett-Packard Company is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File Photo
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(Reuters) -HP Inc said on Tuesday it expects to reduce its global headcount by about 4,000 to 6,000 by the end of fiscal 2025.

The PC maker estimates it will incur about $1.0 billion in labor and non-labor costs related to restructuring and other charges, with nearly $0.6 billion in fiscal 2023 and the rest split between the following two years.

The restructuring comes at a time when most companies including Amazon.com Inc (NASDAQ:AMZN), Facebook (NASDAQ:META)'s parent Meta Platforms Inc and Cisco Systems Inc (NASDAQ:CSCO) are making deep cuts to their employee base to navigate a potential downturn in the economy.

The company forecast current-quarter profit between 70 cents and 80 cents. Analysts on average expect 86 cents, according to Refinitiv data.

Shares of the company were down 1.2% in extended trading.

PC sales have shrunk from the heights hit during the pandemic as households and businesses tighten spending in the face of decades-high inflation, putting pressure on companies such as HP (NYSE:HPQ) and Dell Technologies (NYSE:DELL) Inc.

Earlier on Monday, Dell reported a 6% fall in third-quarter revenue. The company's Chief financial officer Tom Sweet said the ongoing macroeconomic factors including inflation and rising interest rates would weigh on customers next year.

HP also reported a 11% fall in fourth-quarter revenue to $14.8 billion.

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08-12-2022 16:56:52 (UTC+7)

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    EUR/USD 1.0496 Neutral  
    GBP/USD 1.2171 Buy  
    USD/JPY 137.02 Neutral  
    AUD/USD 0.6715 Sell  
    USD/CAD 1.3677 Buy  
    EUR/JPY 143.82 ↑ Sell  
    EUR/CHF 0.9890 ↑ Buy  
    Gold 1,794.55 Buy  
    Silver 22.883 Sell  
    Copper 3.8623 Buy  
    Crude Oil WTI 72.93 ↑ Buy  
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    Natural Gas 5.778 ↑ Sell  
    US Coffee C 161.15 ↑ Buy  
    Euro Stoxx 50 3,922.65 ↑ Sell  
    S&P 500 3,933.92 ↑ Buy  
    DAX 14,242.05 ↑ Sell  
    FTSE 100 7,478.30 ↑ Sell  
    Hang Seng 19,450.23 Neutral  
    Small Cap 2000 1,806.90 ↑ Buy  
    IBEX 35 8,260.60 ↑ Sell  
    BASF 47.31 ↑ Sell  
    Bayer 52.43 ↑ Sell  
    Allianz 204.13 ↑ Sell  
    Adidas 116.07 ↑ Buy  
    Lufthansa 7.672 ↑ Sell  
    Siemens AG 132.75 ↑ Sell  
    Deutsche Bank AG 9.985 Sell  
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Cập nhật lúc 16:52:31 08/12/2022
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