Waves of large-scale layoffs continue, with HP as the latest in the tech industry to join the ranks.
During its fourth quarter earnings report, the company announced that it will size down its workforce by 6,000 people by the end of the fiscal year in 2025, according to Gizmodo.
According to an online layoffs tracker, more than 150 tech companies have laid off nearly 65,000 employees worldwide in November alone.
Meanwhile, HP’s layoffs are the fifth largest layoffs this year. The trend in this industry has a lot to do with the enormous growth within the tech sector during the pandemic, when online goods and services providers saw a boom, as Art Raymond reported for the Deseret News.
“So, they hired like crazy to keep up with the new business,” he wrote. “But now, a slowing economy and consumers’ collective return (more or less) to pre-pandemic spending habits is compelling tech businesses to adjust to new realities.”
Here is a list of the most significant recent layoffs in the tech industry in November.
- Meta: Earlier this month, the company announced its plans of slashing its workforce by 11.000, as Raymond reported for the Deseret News.
- Amazon: The e-commerce company plans to lay off nearly 10,000 employees, as Hanna Seariac reported for the Deseret News.
- Twitter: CEO Elon Musk has laid off nearly half of the 7,500-person workforce while hundreds of employees resigned, per The Verge.
- Cisco Systems: This company announced plans last week of slashing 5% of its 83,300 workers, per CRN.