HP Announces $1 Billion AI Initiative to Cut Up to 6,000 Jobs by 2028
Summary
HP launches massive $1 billion AI initiative that will eliminate up to 6,000 jobs globally by 2028 through automation, while reporting mixed quarterly results with $14.6 billion revenue missing analyst expectations despite rising PC sales.
Key Points
- HP announces a $1 billion AI initiative that will eliminate 4,000 to 6,000 jobs globally by fiscal 2028 as the company transitions manual tasks to AI automation
- The company reports mixed Q4 results with revenue of $14.6 billion (up 4.2%) falling short of $14.8 billion analyst expectations, while PC sales rise 8% but printing revenue drops 4%
- HP expects to spend $650 million on restructuring costs and faces challenges from rising memory costs that could impact margins by over 100 basis points in 2026