Enrique Lores, President and Chief Executive Officer of HP Inc. speaks at COMPUTEX forum in Taipei, Taiwan June 3, 2024.
Ann Wang | Reuters
PC and printer maker HP Inc. said Tuesday that it will lower its headcount by 4,000 to 6,000 people. The company also issued a lower-than-expected earnings projection for the new fiscal year. HP shares fell 5% in extended trading.
The company announced a similarly sized round of layoffs in 2022. Several other technology companies have announced layoffs in recent months as U.S. consumers face higher prices and interest rates.
In a statement, HP reported 93 cents in adjusted fourth-quarter earnings per share on $14.64 billion in revenue, which was up 4% year over year. Analysts polled by LSEG had expected 92 cents per share and $14.48 billion in revenue.
For the first quarter of HP’s fiscal 2026, the company called for 73 cents to 81 cents in adjusted net earnings per share, while the LSEG consensus was 79 cents. For all of fiscal 2026, HP sees $2.90 to $3.20 in adjusted per share, below the LSEG consensus of $3.33.
“HP’s outlook reflects the added cost driven by the current U.S. trade-related regulations in place, and associated mitigations,” the company said in the statement.
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