HP Inc. joins the majority of tech giants making significant changes to their operations with layoff plans in the coming years.
On Tuesday, the company announced it would reduce it over the next three years.
Thousands of employees are set to part with the company.
As a result, HP becomes the latest tech company to drastically cut its workforce amid a deteriorating economic climate.
HP announced the plan to downsize recently.
Additionally, the company released a statement on Tuesday afternoon containing the company’s meager earnings report.
Meanwhile, the report shows sales fell more than 11% from 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.
Enrique Lores, the President and CEO of HP Inc., said the “Future Ready Strategy” will be critical for the company over the long run.
According to Lores, this will allow HP to improve its services for customers.
In addition, the strategy will drive long-term value creation through cost reductions and reinvestments in key growth initiatives.
Both of these measures will help better position HP for the future.
HP’s move joins a list of once high-flying tech companies cutting jobs and announcing a hiring freeze.
Facebook’s parent company Meta announced it is downsizing by cutting 11,000 jobs.
Last week, Amazon confirmed that mass layoffs had already begun.
Additionally, the e-commerce giant said it would continue to downsize until next year.