It’s coming everyone, the WFR hammer is going to drop soon for FTEs and CWs. Poor earnings, stock price tanking, super costly corporate acquisition, major rumors of campuses being turned to ghost towns, and other signposts all point to a volatile outlook moving toward end of Q4.
Lots of rumors flying all over the place, as you may have heard. If you’re on an overlay team not directly tied to quarterly revenue, this is not the time to be complacent.
Cost cutting layoffs have begun. Corvallis site 3D metals. R&D has winding down on this product as it gets ready for manufacturing which is usually overseas. Said goodbye to a good friend today who was a long term HP employee (20+ years) who returned as a CW for 5+ years.
I used to work for HP years (ago)! Like 20+ yrs back. Before some of ya slam me, which is just fine; I drove past my old HP site (HP/Agilent/Keysight). Thought I would check the “Lay-off” board to see how you folks are holding. Breaks my heart to read some of your responses and how the company/situation is. I transferred to CV OR, early 90s, there used to be large bins of Ink-Jet cartridges piled high in them along the isle ways. We went from about 1800 employees to 10k before I transferred back to my home town. CV OR was beautiful, most friendly people I have ever met. The CV site exploded and then imploded after time. Just like many (Vancouver, Idaho, Colorado, and etc). Once the founders past, the “new” Corp-generation gutted the company. I had 15+ yrs in, then got axed in 2002. Once a GREAT respectable company. I send my blessing to you all.
So glad I’m going to Microsoft…
"basic office supplies"
I needed a new laptop battery and because of all the red tape involved in getting one (CEO sign off too), my manager said it would be easier for me to get issued a new laptop. Since I needed a top of a line one, I got it.
HP, you insisted on getting me a $1.5K+ laptop instead of a $50 battery, no wonder you are having work furloughs.
The problem with this company is despite dropping revenue, the keep increasing dividend and buy back uear after year to show how good things are. Incentivicing the c-suites and shareholders at the expense of long term company health by cutting r&d and investing in employees.
One month left in Q4. November and December are going to be ugly. HP sales are flat. Don’t be surprised if we see huge FTE layoffs, particularly in the US.
Wow - Commenters here saying that the HP stock price is not bad. My word, it’s been flat for years! Big deal that it went up to nearly $40 for a short while. I recall the stock price being about $27 when I joined about 5 years ago and it’s just about the same now. HP has ZERO growth, and that’s why it’s doing all of this cost cutting, CW furloughs, and now likely layoffs of FTEs. I could not even get some basic office supplies approved as a business expense, like paper clips, pens, etc.! Really a bad omen of a company that’s slowly going under water.
HP is not a good place to be if you want a stable and growing career.
It is happening already. WFRs starting Monday Oct 3. Typical company severance package. Not sure how broad the WFR efforts would be. But, consider yourself lucky if you are impacted.
He-l yes, I can’t wait! I’ve been working at Palo Alto for the past 4 years and the company has been working me to the bones to the point where it doesn’t feel like I have time to interview for another opportunity but at $50/hr I can’t complain too much. If I get let go then I can finally have more time to chill and find another opportunity. I’m a little worried that it won’t happen to me since I survived the last couple WFRs pre/post covid and have been getting a fair increase in salary each year, but whatever happens I’ll make the best of it.
How does thread starter know? Unless he have insider news?
$25 is not low for HP, just 2 years ago in March 2020 it was $13.
Most of the time it hangs between $10 and $25. Nothing unusual about the price of HP stock.
Stock at $25 isn’t helping :) how low can’t it go?