HP Plans As Many As 4,000 Layoffs As PC Slump Persists
Lauren Gensler
Forbes.com
OCT 13, 2016
HP plans to lay off 3,000 to 4,000 employees over the next three years as it works to trim costs, it said on Thursday.
The printer and computer business, which was recently split off from the sexier cloud and software business now called Hewlett Packard Enterprise, has continued to struggle amid declining demand for its products.
“I’m proud of the progress we have made in our first year as the new HP,” said CEO Dion Weisler, who added that “our markets remain very challenged.”
The layoffs will help yield in savings of $200 million to $300 million per year beginning in fiscal 2020. However, first, the company will incur charges of $350 million to $500 million, of which $200 million can be attributed to reducing the size of its workforce.
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