HP

HP is planning layoffs that will impact as many as 6,000 employees globally over the next three years.

HP made the announcement last month while reporting its fiscal year 2022 and fourth quarter earnings. For its fiscal fourth quarter, HP reported $14.8 billion in revenue, down 11% from the year-ago quarter. However, it was slightly above Wall Street’s expectation of $14.7 billion. Revenue was down 8% when adjusted for currency.

HP announced a fiscal year 2023 Future Ready Transformation plan. It aims to drive significant structural cost savings through digital transformation, portfolio optimization and operational efficiency. The company estimates that these actions will result in annualized gross run rate savings of at least $1.4 billion by the end of fiscal 2025.