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

 1 year ago
source link: https://slashdot.org/story/22/11/22/2245258/hp-will-cut-up-to-6000-jobs-over-next-three-years
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HP Will Cut Up To 6,000 Jobs Over Next Three Years

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HP Will Cut Up To 6,000 Jobs Over Next Three Years 20

Posted by BeauHD

on Tuesday November 22, 2022 @06:20PM 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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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.

  • Re:

    It saddens me to be forced to watch.

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

    • Re:

      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...

    • Their sticks are some of the only Samsung B-die I see in the retail channel...

      • Re:

        Samsung b-die has lost most of its relevance.

  • Re:

    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.

    • Re:

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

      • Re:

        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?

      • 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.

    • Re:

      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.

  • Re:

    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".

    • Re:

      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:

        > 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


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