HP plans up to 5k job cuts

As part of its ongoing restructuring plan, HP plans to lay off 4,500 to 5,000 employees by the end of fiscal year 2019, Reuters reports.

The computer-maker's board approved the restructuring plan in 2016, which originally sought to cut about 4,000 jobs. In May, HP said that number could increase by 1 to 2 percent. As of Oct. 31, 2017, HP had roughly 49,000 employees, according to Reuters.

HP also expects pretax charges related to the layoffs to be about $700 million, compared with its earlier projection of about $500 million. Roughly half of those pretax costs will be dedicated to severance, while the rest will relate to infrastructure, non-labor actions and other charges, the company said.

HP ranked No. 1  in worldwide PC shipments in the first calendar quarter of 2018, holding 22.6 percent market share, according to filings for the quarter ended April 30. HP also reported $14 billion in quarterly sales, according to Reuters.  

More articles on business:
Heineken USA appoints its first female CEO
92% of online shoppers have bought something on Amazon
McDonald's unveils HQ in Chicago — Here's why the fast food giant moved back after 47 years

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars