HP Inc. announced on Tuesday that it will lay off thousands of workers over the next three years, becoming the latest tech company to significantly downsize staffing amid a sour economic climate.
The computer maker disclosed the major job cuts in a statement accompanying its lackluster quarterly earnings report on Tuesday afternoon, where it also said sales dropped more than 11% compared to the same period last year.
“The company expects to reduce gross global headcount by approximately 4,000-6,000 employees,” HP said. “These actions are expected to be completed by the end of fiscal 2025.”
HP had previously reported having a global headcount of some 51,000 employees.
HP President and CEO Enrique Lores added in a statement that the company’s so-called “Future Ready strategy” will “enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future.”
The news makes HP the latest in a growing list of once-high-flying tech companies that are now announcing significant job cuts. Facebook parent Meta recently said it was cutting 11,000 jobs across the company, and Amazon (AMZN) confirmed last week that wide-ranging layoffs had begun at the e-commerce giant that would continue into next year.