Around the world, there is a wave of layoffs in the tech industry. Another significant tech company has opted to lay off employees, following Twitter, Meta, and Amazon. HP Inc., a manufacturer of electronics and laptops, is predicted to axe around 6,000 jobs.
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The company won’t be firing everyone at once, which is a comfort. Instead, this round of layoffs could last until the end of 2025. The corporation will reportedly reduce its global workforce by around 12% as a result of this downsizing.
Layoffs will continue till 2025
There are now about 50,000 employees working for HP Inc. Approximately 4,000 to 6,000 employees will be laid off by the company over the next few years. The company’s decision to announce the layoffs while presenting its financial year 2022 report is unique. “The corporation intends to lay off 4,000–6,000 workers. By the end of 2025, the retrenchment process is anticipated to be finished “The declaration said.
Declining sales are the reason
Company sources claim that during the Corona outbreak, sales of HP’s laptops and computers increased significantly. However, as the school offices reopened following the pandemic, PC and laptop category sales once more stagnated. The corporation has decided to eliminate positions due to the fast declining sales.
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Inflation and recession
One of the main causes for layoffs by businesses can also be concerns about inflation and a worldwide economic collapse. Given these circumstances, HP Inc. is anticipated to report lower-than-expected first-quarter profits due to sluggish demand. Although the corporation has not yet specified when this layoff will begin in India and other international markets.
(Input – IANS)