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The final reading of the Eurozone Composite PMI for March was 50.7, below the expected 50.5 and the previous reading of 50.5.The Eurozones final March services PMI was 50.2, below the expected 50.1 and the previous reading of 50.1.April 7th - Surveys show that German demand weakened due to the Middle East wars, causing a sudden loss of momentum in service sector business activity in March. The final S&P Global German Services PMI for March fell to 50.9 from 53.5 in February, the lowest level since September last year, slightly below the preliminary reading of 51.2. Phil Smith, Vice President of Market Intelligence at S&P Global, attributed the economic slowdown to rising gasoline prices and increased uncertainty. He added that despite significant cost increases, service providers failed to pass on higher price increases to customers due to weak demand. Smith stated, "The decline in new business inflows for the first time since September last year clearly demonstrates the direct impact of the Middle East wars on demand, while the significant drop in business expectations highlights the dampening effect of rising energy prices, supply chain disruptions, and generally high uncertainty on growth over the next year." Business expectations fell to a three-month low of 53.4 in March, below the long-term average of 56.7. The final Composite PMI also fell to 51.9 in March from 53.2 in February, a three-month low, entirely due to the slump in the service sector.Germanys final composite PMI for March was 51.9, in line with expectations and unchanged from the previous month.Germanys final March services PMI was 50.9, below the expected 51.2 and the previous reading of 51.2.

HP Will Reduce Employees by 12% by 2025

Aria Thomas

Nov 23, 2022 14:32

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HP Inc. announced on Tuesday that it intends to eliminate up to 6,000 positions by the end of its fiscal year 2025, or approximately 12 percent of its global workforce, at a time when sales of personal computers and laptops are declining due to consumers' tightening purse strings.


In addition to predicting a lower-than-anticipated profit for the first quarter, the PC manufacturer forecasts a decline in consumer and corporate demand.


During a post-earnings conference call, CFO Marie Myers noted, "Many of the current challenges we've seen in FY22 are expected to continue into FY23."


HP (NYSE:HPQ) anticipates incurring about $1.0 billion in labor and non-labor expenditures related to restructuring and other charges, of which approximately $600 million will be incurred in fiscal year 2023 and the remaining amount in fiscal years 2024 and 2025.


The company, which employs over 50,000 people, intends to reduce its personnel by between 4,000 and 6,000.


In preparation for a potential economic crisis, Amazon.com Inc (NASDAQ:AMZN), Facebook's parent firm Meta Platforms Inc (NASDAQ:META), and Cisco Systems Inc (NASDAQ:CSCO) are laying off substantial numbers of staff.


HP predicts a quarterly profit of between 70 cents and 80 cents. According to data from Refinitiv, analysts predict an average of 86 cents.


PC sales have fallen from their pandemic-era heights, putting pressure on firms such as HP and Dell Technologies (NYSE:DELL) Inc.


Dell reported a 6% fall in revenue for the third quarter on Monday morning. Tom Sweet, the company's chief financial officer, anticipated that macroeconomic factors such as inflation and rising interest rates will have an influence on customers during the next year.


In addition, HP's sales for the fourth quarter declined by 11% to $14.8 billion.


During extended trading, shares of the company headquartered in Palo Alto, California, increased by almost 2%.


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