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HP Inc. joins a number of tech giants in making significant changes to its operations with layoff plans.

On Tuesday, the company announced it would scale back over the next three years.

Thousands of employees are about to leave the company.

As a result, HP becomes the latest technology company to reduce its workforce amid a deteriorating economic climate significantly.

Statement

HP announced the significant job cuts in a statement.

In addition, the company released a statement Tuesday afternoon with the company’s meager quarterly earnings report.

Meanwhile, the report reveals that sales are down more than 11% compared to the same period in 2021.

“The company expects to reduce global headcount by approximately 4,000-6,000 employees,” HP wrote.

“These actions are expected to be completed by the end of fiscal 2025.”

The company previously had approximately 51,000 employees worldwide.

Read also: TikTok continues hiring while others freeze

Thinking long-term

Enrique Lores, President and CEO of HP, said the company’s “Future Ready Strategy” will be instrumental in the long run.

According to Lores, this will allow HP to better serve its customers.

Additionally, the strategy will drive long-term value creation through cost reduction and reinvesting in key growth initiatives.

Both actions will help position HP in the future.

Read also: Amazon announce plans to lay off thousands

Other news

HP’s move adds it to the list of once-high-flying tech companies announcing job cuts and hiring freezes.

Facebook’s parent company, Meta, announced a downsizing by cutting 11,000 jobs from the company.

Last week, Amazon confirmed that its mass layoffs had begun.

Additionally, the e-commerce giant said it would continue to downsize next year.

Reference:

HP says it will lay off up to 6,000 workers over the next couple years