HP Inc. has announced plans to lay off up to an additional 2,000 employees as part of its ongoing cost-cutting strategy. This move will bring the total number of job cuts in the current restructuring phase to 9,000. The company aims to save an extra $300 million by the end of its fiscal year in October 2025.
The tech giant expects to incur approximately $150 million in additional restructuring and related costs, primarily due to cash labor expenses. The layoffs will vary by country, adhering to local legal requirements and consultations with employee work councils and other representatives. HP's recent filing with the U.S. Securities and Exchange Commission (SEC) indicates that the company employs around 58,000 people across 59 countries.
HP initially announced its "Future Now" cost-cutting initiative in November 2022, which included plans to reduce its workforce by about 7,000 employees. At that time, the company anticipated incurring approximately $1 billion in restructuring costs. Following this new round of layoffs, HP now expects to save around $1.9 billion under the plan, with total restructuring and other related expenses projected to be about $1.2 billion.
