Hp Inc. Faces Weaker Profit Outlook Amid Tariffs; Will Cut over 1,000 Jobs
HP Inc. has cited rising component costs and tariffs on goods from China as reasons for a weaker-than-expected profit outlook for the current quarter. The company's CEO, Enrique Lores, stated that while a diverse supply chain is helping mitigate most of the impact, the US tariffs are still weighing on profit. HP plans to cut between 1,000 to 2,000 jobs through the end of its fiscal year, which will save an additional roughly $300 million per year.
- The significant impact of rising component costs and tariffs on global electronics companies underscores the need for industry-wide cooperation in addressing supply chain vulnerabilities.
- How will the ongoing trade tensions between the US and China affect consumer confidence and investment in the tech sector in the next few years?