Low demand for computers: HP to lay off 6,000 employees by 2025-end
Hewlett-Packard (HP) has said that more than 6,000 of its staff members might be laid off by the end of the fiscal year 2025 and cut down on its workforce globally by around 12 per cent.
The move would be taken at a time when the computer market is seeing a slowdown. In order to cope with this, HP might lay off 4,000 to 6,000 employees, out of the current figure of 50,000 employees, as reported by Reuters.
The computer maker expects the demand for its product to drop further and has forecast lower profits for the first quarter. Marie Myers, chief financial officer of HP, is learned to have said in a post-earnings call that many of the recent changes seen in current financial year are likely continue in the next. As a result, the company estimates that it will incur around $1.0 billion in non-labour and labour costs related to restructuring and other charges. HP expects to incur $600 million of this in the 2023 fiscal year and the rest in the following years.
Intel Corp too has been affected by the slowdown in demand for personal computer. There is a steep decline in demand for PC processors, which is Intel’s main product. The company is also struggling to regain the market share that it lost to rivals like Advanced Micro Devices Inc. In July, Intel had warned that its sale in 2022 would be roughly $11 billion lower than it previously expected.
It is planning to reduce its workforce, which stood at around 1.14 lakh in July 2022. Sources have said that the company is expected to cut down on about 20 per cent of its staff in some departments, including sales and marketing.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bypolls | Congress candidate Yasir Khan Pathan wins in Shiggaon
Bengaluru: Congress has taken the lead in all three Assembly constituencies where by-elections were held in the state. Among these, Congress has secured victories in the Sandur and Shiggaon constituencies. However, the official announcement from the Election Commission is awaited.
In the Shiggaon Assembly constituency, Yasir Khan Pathan has achieved a resounding victory against Bharath Bommai, the son of former Chief Minister Basavaraj Bommai. With this win, Congress has taken control of a constituency that was previously under BJP's hold.
In Sandur, Congress candidate Annapoorna Tukaram has defeated BJP's Bangaru Hanumanthu, reclaiming the Sandur constituency for Congress.
