HP To Cut Around 6000 Jobs Globally In Next Few YearsThe move comes at a time when the personal computers and laptops were witnessing a demand decline

Hewlett-Packard (HP), on Tuesday, said that it might lay off more than 6000 employees by the end of the 2025 fiscal, reducing its global workforce by roughly 12 per cent, according to a report by Reuters.

The move comes at a time when the personal computers and laptops were witnessing a demand decline. In its quarterly earnings statement, the company said it expects to reduce the gross global headcount by approximately 4000 to 6000 employees.

"These actions are expected to be completed by the end of the fiscal 2025," said the company in a press statement announcing its quarterly results.

As per reports, the company estimates that it will incur around $1.0 billion in non-labour and labour costs related to restructuring and other charges. $600 million of this HP expects to incur in the 2023 fiscal year and the rest in the following years.

HP expects that both commercial and consumer demand for its product may decline further and has forecast lower profits for the first quarter. The chief financial officer of HP, Marie Myers, in a news report was quoted as saying during a post-earnings call, "Many of the recent challenges we have seen in FY'22 will likely continue into FY'23."

As per reports, the current known workforce strength of HP is valued at 51,000 members worldwide.

HP CEO and President, Enrique Lores, as quoted by FE, said that, "The company's 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."