Key Takeaways
- HP plans to eliminate 4,000-6,000 jobs globally by fiscal 2028
- Layoffs target product development, internal operations, and customer support roles
- Company expects $1 billion in savings over three years from restructuring
HP Inc. has announced major workforce reductions, planning to cut between 4,000 and 6,000 jobs worldwide by fiscal 2028. The technology giant revealed this restructuring plan as part of efforts to streamline operations and increase artificial intelligence integration across its business.
Following the announcement, HP’s shares dropped 5.5% in extended trading, reflecting investor concerns about the company’s direction.
Impact on HP Workforce
CEO Enrique Lores confirmed during a media briefing that employees across product development, internal operations, and customer support departments will be affected by the layoffs. The cost-cutting initiative is projected to generate approximately $1 billion in gross run-rate savings over the next three years.
“We expect this initiative will create $1 billion in gross run-rate savings over three years,” Lores stated, emphasizing the financial benefits of the restructuring.
Broader Tech Industry Layoffs
HP’s announcement comes amid a significant wave of job cuts across the technology sector. Earlier this year, HP had already eliminated more than 2,000 positions as part of its ongoing restructuring efforts.
According to layoff tracking data, 21 technology companies laid off 18,510 employees in October alone. The trend has continued into November, with 20 tech firms cutting 4,545 workers.
Amazon recently disclosed plans to reduce its corporate workforce by over 14,000 positions, marking the largest round of job cuts in the company’s history. The e-commerce giant attributed the move to its shift toward artificial intelligence investments and efforts to reduce bureaucracy.
Synopsys, a leading chip-design software company, conducted the most significant layoffs this month by eliminating approximately 2,000 jobs, representing about 10% of its workforce. Regulatory filings indicated the staff reductions would allow the company to redirect investments toward new growth opportunities.
So far in 2025, the technology industry has seen 237 companies lay off more than 1.1 million employees globally, signaling a major restructuring across the sector.
