Bad timing for big tech companies or bigtech continues at its best. Hewlett Packard (HP) announced on Tuesday that it could lay off more than 6,000 employees by the end of 2025. According to Reuters, this move would reduce its global workforce by about 12 percent.
This move comes at a time when personal computers and laptops are experiencing a drop in demand.
“These actions are expected to be completed by the end of fiscal 2025,” the company said in a press release on its quarterly earnings statement.
HP reportedly expects demand for its product to decline further in 2023. The news agency quoted Marie Myers, the company’s chief financial officer, in a later call as saying that “many of the recent challenges we’ve seen in the year fiscal year 22 will likely continue into fiscal year 23.”
In recent weeks the bigtech like Meta, Twitter, Snap, Intel and others have laid off more than 120,000 people worldwide. Analysts estimate that this is due, among other factors, to contraction and inflation after the explosion of use that their platforms had during the strictest days of the pandemic.
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