HP Inc to sack 6K staff by 2028 amid AI push
Expects this initiative will create $1-bn in gross run rate savings over 3 yrs
image for illustrative purpose
New Delhi: HP Inc has announced that it plans to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a larger effort to streamline its operations and increase its use of artificial intelligence.The company said the move will help speed up product development, improve customer service and boost overall productivity.
Following the announcement, HP’s shares dropped 5.5 per cent in extended trading. HP CEO Enrique Lores said during a media briefing that employees working in product development, internal operations and customer support will be affected by the layoffs.
He added that the cost-cutting plan is expected to generate about $1 billion in gross run-rate savings over the next three years. “We expect this initiative will create $1 billion in gross run rate savings over three years,” Lores added.
Earlier this year, HP had already laid off more than 2,000 employees as part of an ongoing restructuring plan.This announcement comes at a time when the tech industry is witnessing a fresh wave of layoffs. According to layoff.fyi data, 21 companies laid off 18,510 employees in October alone.
