HP Sees Up to 5,000 Job Cuts as Part of Restructuring Plan

HP Sees Up to 5,000 Job Cuts as Part of Restructuring Plan
Advertisement

HP now expects 4,500 to 5,000 employees to leave the company by the end of fiscal 2019 as part of an ongoing restructuring plan, the PC maker said on Tuesday.

In October 2016, HP's board had approved a restructuring plan to be implemented through fiscal year 2019, under which it had expected around 4,000 job cuts. In May, the company said it expected that number to increase by 1 to 2 percent.

The company employed 49,000 people as of Oct. 31.

HP, formed in 2015 when the then Hewlett-Packard Co was spilt into two, said in a regulatory filing it now expects pretax charges of about $700 million (roughly Rs. 4,700 crores) related to the layoffs, compared with about $500 million forecast earlier.

HP estimates that about half of the expected pretax costs will relate to severance and the remaining costs due to infrastructure, non-labour actions and other charges.

When Hewlett-Packard Co split up, HP Inc focused on the consumer facing hardware business, including sales of PCs and printers, while Hewlett Packard Enterprise Co hosted the company's dead-centre, software and services units.

HP, which has the top position in worldwide PC shipments in the first calendar quarter of 2018 with a 22.6 percent market share, reported better-than-expected quarterly sales of $14 billion (roughly Rs. 94,000 crores) in the quarter ended April 30.

© Thomson Reuters 2018

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: PC Laptops, Internet, HP, US
ZTE Said to Have Signed Preliminary Agreement to Lift US Ban
GitLab Gains Developers After Microsoft Buys Rival GitHub
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »