HP to Cut 4,000-6,000 Jobs by Fiscal 2028

HP Inc. announced plans Tuesday to eliminate between 4,000 and 6,000 jobs globally by the end of fiscal 2028, representing up to 10 percent of its 58,000-person workforce, as the company seeks to streamline operations and integrate artificial intelligence to enhance efficiency. The Palo Alto, California-based technology firm reported stronger-than-expected fourth-quarter results for the period ended October 31 but issued disappointing guidance for fiscal 2026, citing surging memory chip prices driven by artificial intelligence demand.

The job reductions, which will affect teams in product development, internal operations, and customer support, mark the second major round of layoffs in three years. HP previously cut 1,000 to 2,000 positions in February as part of an ongoing restructuring effort. Chief Executive Enrique Lores stated during a media briefing that the initiative aims to accelerate product development, improve customer satisfaction, and boost productivity through AI adoption. "We expect this initiative will create $1 billion in gross run-rate savings over three years," Lores said. The company anticipates recording about $650 million in restructuring charges,...