HP will cut up to 6,000 jobs under a new cost-cutting plan

HP Inc. is implementing a corporate restructuring plan to accelerate innovation in AI-powered devices and improve productivity. The company expects this initiative to generate approximately $1 billion in annual gross savings by the end of fiscal year 2028. The plan, announced alongside the full FY25 results, will involve significant restructuring charges and workforce reductions. HP estimates around $650 million in labor and non-labor costs, including about $250 million in FY26. As part of this effort, the company anticipates cutting between 4,000 and 6,000 jobs globally by FY28. CEO Enrique Lores stated that the company's FY25 performance demonstrated resilience, and CFO Karen Parkhill noted the company is adapting to recent cost pressures while increasing investments in AI initiatives