HP Inc to layoff 6,000 employees by 2028

New Delhi: HP Inc has announced that it plans to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a larger effort to streamline its operations and increase its use of artificial intelligence.The company said the move will help speed up product development, improve customer service and boost overall productivity.

Following the announcement, HP’s shares dropped 5.5 per cent in extended trading. HP CEO Enrique Lores said during a media briefing that employees working in product development, internal operations and customer support will be affected by the layoffs.

He added that the cost-cutting plan is expected to generate about $1 billion in gross run-rate savings over the next three years.