Laptop company HP will lay off 6000 employees, the company's sales decline, inflation and recession concerns

HP currently has more than 50,000 employees

The company's retrenchment plan will be completed by 2025

Due to declining sales, the company took the decision

After Meta, Twitter and Amazon, now one more tech company has decided to cut jobs. Laptop and electronics manufacturer Hewlett Packard i.e., HP Inc. could displace about 6,000 people. This is about 12% of its total workforce. HP currently has more than 50,000 employees. However, the company's layoff plan is to be completed by 2025. During the corona epidemic, there was a huge boom in the PC and laptop segment. However, now the sales have declined, due to which HP has decided to reduce the number of employees.

Concerns about inflation and a slowdown in the global market could also be a reason for job cuts. Revenue in the fourth quarter fell 0.8% year over year to $14.80 billion, HP said. Revenue in the Personal Systems segment, which includes PCs, fell 13% to $10.3 billion. Printing revenue fell 7% to $4.5 billion. Before HP, Twitter laid off nearly 50% of its workforce, while Meta laid off 11,000 people in the largest layoff in its history. Amazon has also laid off more than 10,000 employees. Amazon itself has informed that the layoffs will continue till next year.

Yesterday there was news that Google's parent company Alphabet may lay off 10,000 employees. This has been claimed in a report. This is being done due to market conditions and cost cutting. According to the report, Google managers have been asked to analyze and rank 'under performing' employees. At the onset of a recession, as companies face low demand, falling profits and high debt, many companies begin laying off employees to cut costs. Rising unemployment is one of many indicators that define a recession. In a recession, consumers spend less and industrial production slows.