HP is implementing layoffs affecting up to 2,000 employees out of its 58,000-person global workforce, as revealed in an SEC filing. These incremental gross workforce reductions are expected to take place before the close of HP’s fiscal year 2025, potentially saving the company up to $300 million.
The specific departments and roles impacted by these cuts have not been disclosed by HP CEO Enrique Lores, who mentioned that the layoffs will be widespread throughout the company. Lores emphasized that HP is being strategic and selective in its decision-making process, focusing on both cuts and investment in areas such as AI and customer experience.
These job cuts are part of HP’s cost-cutting initiative called “Future Now,” which originally aimed to lay off 7,000 employees. With the additional round of layoffs, the total number of affected workers could reach 9,000, resulting in overall savings of $1.9 billion.
The announcement of these layoffs coincided with HP’s fiscal first quarter 2025 earnings report, showing a 2.4% year-over-year increase in net revenue to $13.5 billion. This move underscores HP’s commitment to streamlining operations and optimizing its workforce for sustained growth.
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