Computer maker HP Inc. on Tuesday announced plans to slash between 4,000 and 6,000 employees by the end of 2025, becoming the latest tech company to announce mass layoffs as the sector grapples with inflation and recession fears.
The company said in its fourth quarter fiscal reports that the staffing reduction will result in annualized gross run rate savings of around $1.4 billion over the next three years, and incur about a billion dollars in costs, with $600 million of the latter amount coming in fiscal 2023.
Tech companies like HP have been turning to layoffs amid soaring inflation and mounting fears of a global recession.
Meta, the parent company of Facebook, announced 11,000 layoffs earlier this month, while Amazon announced plans to lay off 10,000 people. The ride-hailing giant Lyft said this month that it’s laying off 13 percent of its workforce, and the online payment platform Stripe is laying off 14 percent of its employees.