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HP Inc to cut up to 5000 jobs

June 6, 2018

As part of its restructuring program, the OEM is expecting to cut between 4,500 and 5,000 jobs.

As Bloomberg reveals, between 4,500 and 5,000 employees will depart the company by the end of fiscal year 2019, “as part of an ongoing restructuring plan”.

The plan was first approved by HP’s board back in 2016, when it stated that it expected the number of jobs to be cut to be around 4,000. Now, the number of job losses looks set to be up to 1,000 more than originally forecast.

Subsequently, HP Inc will incur “pretax restructuring charges of about $700 million (€594.3 million)” for these job losses, an increase of $200 million (€169.8 million) from the OEM’s original estimate.

As of 31 October 2017, the company employed 49, 000 people.

Since its split from Hewlett-Packard, under the direction of CEO Dion Weisler, HP Inc “has produced consistent growth” despite a decrease in demand for PCs; part of its success has come from its printer business, particularly since the OEM’s well-documented purchase of Samsung’s printer unit.

At the end of May 2018, HP reported “its seventh consecutive quarter of sales growth” and raised its profit forecast for this fiscal year.

 

 

Categories : Around the Industry

Tags : Business Financial HP Inc Job Cuts USA

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