There is a stir of layoffs in tech companies around the world. After Meta, Twitter, and Amazon, now another big company has decided to cut jobs. Laptop and electronics maker HP Inc may lay off about 6,000 employees. However, it is a matter of relief that the company will not immediately lay off all at once. Rather this phase of layoffs may continue till the end of 2025.
There are currently around 50,000 people working in HP Inc. The 6,000 layoffs mean the company will cut its global workforce by 12 percent. The company has announced that it will lay off around 4,000 to 6,000 employees in the coming years. HP has given this information in its FY 2022 report. It said, “The company is expected to reduce around 4,000-6,000 employees globally. The works are expected to be completed by the end of FY2025.
Why companies are resorting to layoffs
There was a tremendous jump in the sales of the PC and laptop segment during the pandemic but now it has cooled down. Keeping this in mind, the company has decided to cut jobs. The same is the case with other companies, which made a lot of money due to the lockdown and working from home during Corona, and now that everything has started opening up, these companies are doing layoffs.
Apart from this, the concern of inflation and recession in the global markets can also be one of the deciding factors. Given these conditions, HP Inc. is expected to report lower-than-expected first-quarter profits.