HP Inc. announced on Tuesday that it will lay off thousands of workers over the next three years, becoming the latest tech company to significantly downsize staff amid a sour economic climate.
The computer maker disclosed the major job cuts in a statement accompanying its lackluster quarterly earnings report on Tuesday afternoon, where it also said sales dropped more than 11% compared to the same period last year.
“The company expects to reduce gross global headcount by approximately 4,000-6,000 employees,” HP said. “These actions are expected to be completed by the end of fiscal 2025.”
HP had previously reported having a global headcount of some 51,000 employees.
HP President and CEO Enrique Lores added in a statement that the company’s so-called “Future Ready strategy” will “enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future.”
The news makes HP the latest in a growing list of once-high-flying tech companies that are now announcing significant job cuts. Facebook-parent Meta recently said it was cutting 11,000 jobs across the company, and Amazon (AMZN) confirmed last week that wide-ranging layoffs had begun at the e-commerce giant that would continue into next year.