HP plans to save millions by laying off thousands, ramping up AI use

HP Inc. said that it will lay off 4,000 to 6,000 employees in favor of AI deployments, claiming it will help save $1 billion in annualized gross run rate by the end of its fiscal 2028.

HP expects to complete the layoffs by the end of that fiscal year. The reductions will largely hit product development, internal operations, and customer support, HP CEO Enrique Lores said during an earnings call on Tuesday.

Using AI, HP will “accelerate product innovation, improve customer satisfaction, and boost productivity,” Lores said.

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