HP Inc has announced that it plans to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a larger effort to streamline its operations and increase its use of artificial intelligence.  

The company said the move will help speed up product development, improve customer service and boost overall productivity.

Following the announcement, HP’s shares dropped 5.5 per cent in extended trading.

HP CEO Enrique Lores said during a media briefing that employees working in product development, internal operations and customer support will be affected by the layoffs.

He added that the cost-cutting plan is expected to generate about $1 billion in gross run-rate savings over the next three years.

“We expect this initiative will create $1 billion in gross run rate savings over three years,” Lores added.

Earlier this year, HP had already laid off more than 2,000 employees as part of an ongoing restructuring plan.

This announcement comes at a time when the tech industry is witnessing a fresh wave of layoffs. According to layoff.fyi data, 21 companies laid off 18,510 employees in October alone.

Amazon recently revealed that it plans to cut over 14,000 corporate jobs as it shifts more focus and investment toward artificial intelligence.

The company said the layoffs are part of its efforts to become leaner and reduce unnecessary bureaucracy. This would mark the largest round of corporate job cuts in Amazon’s history.

In November, 20 tech companies have already laid off 4,545 workers. Synopsys, a major chip-design software company, carried out the biggest layoffs this month by cutting about 2,000 jobs, roughly 10 per cent of its workforce.

A regulatory filing showed that the company reduced its staff to redirect investment toward new growth opportunities.

So far in 2025, as many as 237 tech companies have laid off more than 1.1 million employees.