Written by
Akeem Joseph
Published on
November 22, 2022
According to The Hill, 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.
