HP Inc. has announced that it will lay off between 4,000 and 6,000 staff as a cost-cutting measure aimed at adding $1.4 billion to its bottom line.
The announcement accompanied HP’s fourth-quarter results. Fourth quarter revenue fell by 11 per cent to $14.8 billion, with $1.3 billion of operating profit. Revenue for the year dropped one per cent to $63 billion, for an operating profit of $6.6 billion.
Printers made the major contribution to profits, with $3.7 billion profit on $18.9 billion in revenue. PC revenue was $44 billion, almost double the printer revenue, but contributed much less to profit, with $2.9 billion.
(all dollar amounts are in USD)
