HP is laying off up to 2,000 people of its 58,000-person global workforce. The computer and printer giant disclosed the news in an SEC filing on Thursday.
“HP expects incremental gross workforce reductions of approximately 1,000 to 2,000 employees,” the filing reads. “The changes to the workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate.”
The layoffs are expected to occur before the close of HP’s fiscal year 2025, which ends in October. The cuts could help HP save up to $300 million, per the filing.
HP has not specified the departments set to be affected by the cuts or the roles that will be impacted. CEO Enrique Lores told Bloomberg on Friday that the latest round of layoffs will occur “all over the company” and that HP has been “very selective and very strategic” about where to make cuts.
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“It’s not only cuts, we are also doing rebalancing,” Lores said. “At the same time, we’re investing in other areas.”
Lores specified that HP’s high-priority investment areas include AI and customer experience.
HP CEO Enrique Lores. Photographer: Annabelle Chih/Bloomberg via Getty Images
The layoffs are part of HP’s cost-cutting initiative “Future Now,” which the company introduced in November 2022, per The Wall Street Journal.
The initiative originally aimed to lay off 7,000 employees. With the new round of cuts, the total number of laid-off workers could tick up to 9,000 employees, with overall savings reaching $1.9 billion.
The layoff news arrived as HP posted its fiscal first quarter 2025 earnings on Thursday. Net revenue for the company was up 2.4% year-over-year, reaching $13.5 billion.
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