This post was originally published on this site
The PC maker estimates it will incur about $1.0 billion in labor and non-labor costs related to restructuring and other charges, with nearly $0.6 billion in fiscal 2023 and the rest split between the following two years.
The restructuring comes at a time when most companies including Amazon.com Inc (NASDAQ:AMZN), Facebook (NASDAQ:META)’s parent Meta Platforms Inc and Cisco Systems Inc (NASDAQ:CSCO) are making deep cuts to their employee base to navigate a potential downturn in the economy.
HP (NYSE:HPQ) also reported a 11% fall in fourth-quarter revenue to $14.8 billion. Shares of the company were down 1.2% in extended trading.
