HP laying off 4,000-6,000 employees globally over the next three years

▤ Summary

Computer maker HP Inc. said Tuesday that it plans to cut 4,000 to 6,000 employees over the next three years. HP is the latest technology company to announce its intent to slim down given economic challenges. In a statement, HP said its "Future Ready Transformation plan" should result in annualized gross run rate savings of $1.4 billion or more in the next three years, with around $1 billion in costs including restructuring. Revenue in the Personal Systems segment, which includes PCs, fell 13% to $10.3 billion, as units dropped 21%. From a profitability standpoint, HP reported that the operating margin for the Personal Systems segment contracted to 4.5% from 6.9% in the prior quarter.

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