Monday, May 23, 2022

HP slashes 6,000 more jobs, Q3 forecast

Hewlett-Packard Co. (HP) announced Thursday that it is slashing revenue forecasts for its fiscal third-quarter and laying off an additional 6,000 employees due to “deteriorating global economic conditions and related weakness in technology spending.”

The company said that it now expects its revenue for the quarter ending July 31 to decline between 14 per cent and 16 per cent year-over-year, including a three per cent negative currency impact.

The job cuts will take place in the fourth quarter and will result in an annual savings of US$500 million, the company said.

Hewlett-Packard Canada Co. in Mississauga, Ont.., is at http://www.hp.ca

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication. Click this link to send me a note →

Jim Love, Chief Content Officer, IT World Canada

Related Tech News

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.