HP to Trim Up to 2,000 More Jobs in Expanded Cost-Cutting Push

Dow Jones

28 Feb

By Connor Hart

HP Inc. said it would lay off up to 2,000 more employees as part of a continuing cost-cutting plan, bringing the total number of job cuts under the restructuring to as many as 9,000.

The computer and printer maker on Thursday said it would save an additional $300 million by the end of its fiscal 2025, which ends in October. It expects to incur about $150 million in additional restructuring and other charges in connection with the cuts, primarily due to cash labor costs.

The layoffs will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, HP said. The company employed approximately 58,000 workers across 59 countries, according to its most recent annual filing with the Securities and Exchange Commission.

Dubbed "Future Now" and first announced in November 2022, HP's cost-cutting plan initially called for workforce cuts of about 7,000 employees. The company said at that time that it expected to incur approximately $1 billion in restructuring charges.

Following the new round of layoffs, the company now expects to realize approximately $1.9 billion in savings under the plan. Total restructuring and other charges are expected to be around $1.2 billion.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

February 27, 2025 17:26 ET (22:26 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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It expects to incur about $150 million in additional restructuring and other charges in connection with the cuts, primarily due to cash labor costs. \n</p>\n<p>\n  The layoffs will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, HP said. The company employed approximately 58,000 workers across 59 countries, according to its most recent annual filing with the Securities and Exchange Commission. \n</p>\n<p>\n  Dubbed \"Future Now\" and first announced in November 2022, HP's cost-cutting plan initially called for workforce cuts of about 7,000 employees. The company said at that time that it expected to incur approximately $1 billion in restructuring charges. \n</p>\n<p>\n  Following the new round of layoffs, the company now expects to realize approximately $1.9 billion in savings under the plan. 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It expects to incur about $150 million in additional restructuring and other charges in connection with the cuts, primarily due to cash labor costs. \n\n\n  The layoffs will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, HP said. The company employed approximately 58,000 workers across 59 countries, according to its most recent annual filing with the Securities and Exchange Commission. \n\n\n  Dubbed \"Future Now\" and first announced in November 2022, HP's cost-cutting plan initially called for workforce cuts of about 7,000 employees. The company said at that time that it expected to incur approximately $1 billion in restructuring charges. \n\n\n  Following the new round of layoffs, the company now expects to realize approximately $1.9 billion in savings under the plan. Total restructuring and other charges are expected to be around $1.2 billion. \n\n\n \n\n\n  Write to Connor Hart at connor.hart@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 27, 2025 17:26 ET (22:26 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}