HP sees no net profit in Q4, announces job cuts

Tuesday, 22. November 2022 22:21

The Hewlett-Packard Company revealed on Tuesday its revenue for the fourth fiscal quarter of 2022 topped market estimates by sliding 11% to $14.8 billion. HP reported no GAAP diluted earnings per share or net profits in the three months ending October 31 amidst a decline in PC demand. Still, it saw its cash flow nearly doubling to $1.8 billion.

The American tech giant announced a transformation & restructuring plan, confirming plans to cut between 4,000 and 6,000 corporate jobs (up to 12%) by the end of fiscal 2025. "The new Future Ready strategy we introduced this quarter will enable us to serve our customers better and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives," CEO Enrique Lores noted.

Related Links: HP Inc.
Author:
Baha Breaking News (BBN) / ND