© Reuters. FILE PHOTO: The logo for The Hewlett-Packard Company is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File Photo
(Reuters) -HP Inc said on Tuesday it expects to reduce its global headcount by about 4,000 to 6,000 by the end of fiscal 2025.
The PC maker estimates it will incur about $1.0 billion in labor and non-labor costs related to restructuring and other charges, with nearly $0.6 billion in fiscal 2023 and the rest split between the following two years.
The restructuring comes at a time when most companies including Amazon.com Inc (NASDAQ:), Facebook (NASDAQ:)’s parent Meta Platforms Inc and Cisco Systems Inc (NASDAQ:) are making deep cuts to their employee base to navigate a potential downturn in the economy.
HP (NYSE:) also reported a 11% fall in fourth-quarter revenue to $14.8 billion. Shares of the company were down 1.2% in extended trading.
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