HP, the American computer and printer manufacturer, announced yesterday, Tuesday, that it will lay off between 4,000 and 6,000 employees by 2025, following in the footsteps of several other technology companies that announced similar decisions this fall.
This industry currently employs approximately 61,000 workers, or 10,000 more than a year ago.
A Hewlett-Packard spokesperson told the French Press Agency that «this new strategy (…) will allow us to better serve our customers and create long-term value by reducing our costs and reinvesting in key areas for the future.».
With these layoffs, the company hopes to save $1.4 billion a year over the next three years.
Recently, several of its neighbors in the so-called Silicon Valley—such as Meta (Facebook, Instagram), Amazon, Twitter, Lyft (a ride-hailing platform), Salesforce and Stripe (online financial services), among others, have announced successive waves of layoffs.
Although the pandemic has generally given a boost to the technology sector, the current economic crisis is hitting companies in the sector, some of which had been hiring heavily thanks to their spectacular growth.
In fiscal year 2022, which ended in late October, HP reported revenue of $63 billion, down 0.8% year-over-year, and net income of $3.5 billion, down by about half in one year.
The forecasts for the company's financial results for the current quarter were also disappointing.
On Wall Street, its stock price was down about 1% in after-hours trading following the market close.
