The company's sales declined, worries about inflation and recession. HP decides to cut up to 6000 jobs after Meta, Twitter, Google, Amazon | NewsBust The company's sales declined, worries about inflation and recession. HP decides to cut up to 6000 jobs after Meta, Twitter, Google, Amazon | NewsBust

Technology

The company’s sales declined, worries about inflation and recession. HP decides to cut up to 6000 jobs after Meta, Twitter, Google, Amazon

By Vansh Sangwan - November 23, 2022

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New Delhi41 minutes ago

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After Meta, Twitter and Amazon, now another tech company has decided to cut jobs. Laptop and electronics manufacturer Hewlett Packard i.e. HP Inc. can remove about 6,000 people. This is about 12% of its total workforce. HP currently has more than 50,000 employees. However, the company’s retrenchment plan is to be completed by 2025.

HP made this announcement during its FY2022 full year report. During the Corona epidemic, there was a huge boom in the PC and laptop segment. However, now there has been a decrease in sales due to which HP has decided to cut down on the number of employees. The concern of inflation and recession in the global market can also be one of the reasons for the job cut.

Revenue decreased by 0.8% year on year
HP said revenue fell 0.8% year over year to $14.80 billion in the fourth quarter. Revenue in the Personal Systems segment, which includes PCs, fell 13% to $10.3 billion. Printing revenue decreased 7% to $4.5 billion.

Layoffs in Twitter, Meta, Amazon as well
Before HP, Twitter has fired about 50% of its employees, while Meta has removed 11,000 people in the biggest layoff in its history. At the same time, it has been claimed in the New York Times that more than 10,000 employees have been laid off in Amazon as well. Amazon itself has informed that the layoffs will continue till next year.

Google will soon lay off
The news came last day that Google’s parent company Alphabet may lay off 10,000 employees. This claim was made in a report of Information. This is being done due to market condition and cost cutting. According to the report, Google managers have been asked to analyze and rank ‘underperforming’ employees.

recession and job connection
At the beginning of a recession, as companies face low demand, declining profits, and high debt, many companies begin laying off employees in order to cut costs. Rising unemployment is one of many indicators that define a recession. In a recession, consumers spend less and industrial production slows down.

There is more news…

Vansh Sangwan

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