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HP Businesses

HP Will Cut Up To 6,000 Jobs Over Next Three Years 32

Posted by BeauHD from the large-scale-layoffs dept.
Computer and printer maker HP said Tuesday it will cut between 4,000 and 6,000 jobs by the end of 2025 as part of a restructuring. Axios reports: HP said the move will save it at least $1.4 billion annually by the end of fiscal 2025. However, it expects to incur $1 billion in costs due to the restructuring, with $600 million in fiscal 2023 and the rest split over the remaining two years. It made the announcement alongside its quarterly earnings report.

As part of that report, HP said to expect per-share earnings of 70 cents to 80 cents, excluding items. That's below consensus expectations of about 86 cents per share, per CNBC. Further reading: A Host of Tech Companies, Including Coinbase, Robinhood, Lyft, and Stripe, Announce Hiring Freezes and Job Cuts
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HP Will Cut Up To 6,000 Jobs Over Next Three Years More

HP Will Cut Up To 6,000 Jobs Over Next Three Years

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  • Not so astounding. (Score:4, Informative)

    by dschnur ( 61074 ) on Tuesday November 22, 2022 @07:35PM (#63072648)
    I remember the HP of old where innovation and engineering were the top priority. The last HP certification exam I took was packed with both trick and out of scope questions. That's when I finally knew it was time to search for a better company to partner with. This incredibly slow moving train-wreck has been ongoing more more than 20 years. It saddens me to be forced to watch.

    • It saddens me to be forced to watch.

      Some of us are forced to use their equipment and services.

      • I am fortunate enough to own Tektronix and Fluke equipment. HP is irrelevant nowadays, but I'm quite interested in whatever Agilent/Keysight may be up to. After all, they have one of the nation's leading metrology labs, including a rack-mountable cesium clock...

        • In what could be considered either fairness or condemnation, it seems worth noting that HP is deliberately irrelevant: they spun off all their instrument stuff as Agilent in 1999, and then Agilent spun off Keysight.

          I suspect that it's a matter of opinion whether the spinoff should be interpreted as the cowardly laziness of bean counters and finance guys retreating from solving worthwhile problems to chase printer ink margins; or whether it should be seen as a blessing that spared the division from having

          • Re: (Score:2)

            by EvilSS ( 557649 )
            From what I've heard (admittedly second hand) the spin off of the test gear to Agilent and then Keysight is seen as a positive by the folks at Keysight. It's allowed them more freedom than they had under HP towards the end of their time there to focus on their products without being at the mercy of other HP divisions performing badly and dragging down their budgets or forcing workforce cuts. Personally I'm glad they spun them off instead of keeping them or worse selling them. These days they would have been
      • Their sticks are some of the only Samsung B-die I see in the retail channel...

    • I'm surprised the remaining HP even has 6000 jobs to get rid of. They just don't do anything at all anymore except printers and ink.

      • HP Enterprise is still a thing. You know the company who sold hard drives that stopped working when they hit 32768 hours.

        • I thought this was a separate company from "HP Inc."? "Hewlett Packard Enterprise" being a separate company. Both companies having split off around 2015-ish from "Hewlett-Packard". The story above from Axios seems to specify "HP Inc."

          So, personal computers and printers and ink; unless those companies have recombined?

          • Re: (Score:2)

            by EvilSS ( 557649 )
            Correct, HP and HPE are separate companies. I imagine most people, even here, don't know that. It causes a lot of confusion.
        • To be fair, they weren't the only ones. Several major brands did it with Enterprise grade SSDs, but managed to stay out of the press for the most part.
        • In a number of instances, such issues were the result of lazy programming or short sighted choice of data types which I've seen in other areas, not just hardware. It's almost four years and with three year warranties being common at the time it probably wasn't even seen as an issue as it was probably assumed no drive would be in service at 32768 hours.
      • I can't even imagine how much the world's sudden embrace of remote work has finished off what was already a slowly-dwindling market for printing out piece of paper.
        • I wish.

          Until it happened I would not have believed the volume(and intensity) of demand from remote workers for printers to carefully consign to paper(so that they can be arduously scanned during audits, naturally) material that already lives on the mailserver, fax server, or ERP system.

          That and, once plague-related restrictions loosened a bit, the number of people nipping in to the office to collect print jobs they'd spent the last week or two sending in over the VPN. We actually had to increase our p

    • Re: (Score:1)

      by Tablizer ( 95088 )

      They went the bean-counter direction instead of engineering-centric. There are many ways to milk your future and credibility to gain short-term profits, but such will eventually kill the cow.

      Dead cow says ... nothing, not even "moo".

      • Bean-counters take over large companies eventually. It seems to be a rule of capitalism.
        I'm assuming Google has gone the same way, because we had a story not too long ago on Slashdot about the boss there deciding they're concentrating on "cost-cutting" now.
        Google, and HP (and IBM and you can probably name a few more) have so much financial inertia that they can bumble on for a long, long time before they finally die. Even Yahoo seems to still be shambling about like some sort of zombie.

        • Re: (Score:1)

          by Tablizer ( 95088 )

          > Bean-counters take over large companies eventually. It seems to be a rule of capitalism.

          Probably because at some point a generation of decision-makers who value short-term results above all will get a shot at the reigns. It may be because they intentionally want instant financial gratification (IFG), or are just naive about STEM companies and thus pick IFG anyhow. At least one such group will eventually show up and ruin it.

          For example, let's say 1 out of every 4 management group types are IFG-ers. Thus

        • Bean-counters take over large companies eventually. It seems to be a rule of capitalism.

          Know what else is a rule of capitalism? Layoffs when your economy sucks.

  • Editors, when talking about HP specify... (Score:3)

    by williamyf ( 227051 ) on Tuesday November 22, 2022 @08:38PM (#63072762)

    ... if you are taling about HP-E (the servers, storage and enterprise part) or HP-INK (pun intended) the personal computers and printers part.
    Pretty please. With sugar.

    Sometimes (like in this article) is relatively easy to infers from TFS, but other times, is almost imposible. And either way, if it were explicit in the title, users would waste zero time deciding if it is for them or not.

    For the record, the tickers are HPE and HPI, and the proper names are HP Enterprise and HP Inc.(orporated)

  • That's nothing... (Score:3)

    by thragnet ( 5502618 ) on Tuesday November 22, 2022 @08:58PM (#63072786)

    Carly could can 60,000 in three months.

  • USA? Someplace else!

  • 4,000 to 6,000 out of 51,000 employees (Score:5, Informative)

    by rtfa0987 ( 1260014 ) on Wednesday November 23, 2022 @12:16AM (#63073052)
    "HP Inc. on Tuesday said it would eliminate between 4,000 to 6,000 people from its workforce by 2025 after a tough fourth-quarter earnings report showed a year-over-year revenue drop of 11.2 percent to $14.8 billion. Palo Alto, Calif.-based HP had approximately 51,000 global employees as of December 2021, according to a regulatory filing. The company’s annual net revenue held at $63 billion in 2022, a .8 percent decline from 2021 net revenue. Still, notebook sales fell 23 percent to $6.4 billion following an overall consumer PC market softening in 2022." https://www.crn.com/news/compu... [crn.com]

    • Re: (Score:2)

      by Shag ( 3737 )

      Doesn't say how much of this can be accomplished through simply not replacing people who retire or quit.

      (Although given the economy and what everyone's 401(k) did this year, a lot of people might be delaying those moves.)

  • ...and not by choice, might I add, I'm not sure that this company can afford to lose manpower except in management.

    Seriously, the company I left in May bought Synergy... people were cursing left and right. My current company is using Synergy and I have NEVER seen so many host crashes per capita in my life.

    My next company is using synergy and already evaluating alternatives...

    • Re: (Score:2)

      by EvilSS ( 557649 )
      Wrong HP, unless you are running your hypervisors on desktop PCs or printers. HP makes PCs, printers, and such. HP Enterprise (HPE, completely separate company) makes servers, storage, and so on.

  • The CEO was jsut on Mad Money (Score:3)

    by S_Stout ( 2725099 ) on Wednesday November 23, 2022 @10:41AM (#63073858)
    He seemed clueless and could barely get out a coherent sentence. I would never work for HP based on him alone.

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