HP says it plans to go ahead with cutting between 1,000-2,000 jobs this year, as part of a structural savings programme aimed to save the business an additional USD$300m for its 'Future Ready' restructuring programme that started in 2023. The goal is to save HP USD$1.9bn between 2023 to the end of the 2025 US financial year.
Flagging the impact of Trump's tarriffs only 10% of HP products to be made in China
HP’s Q1 (USA FY) 2025 results reported net revenues of $13.5bn, up 2.4% on the first quarter of 2024. The company achieved an operating profit of USD$984m, or 7.3%, just below Q1 2024’s 8.4% mark.
The initial job cuts announced in 2023, were to be between 4,000 to 9,000. the additional redundancies, announced on 27th February, alongside HP’s first-quarter results, were decribed as a a “key lever” to help secure the company against macro and geopolitical uncertainty, according to HP CFO Karen Parkhill. 
HP's Enrique Lores
Enrique Lores, HP president and CEO, told investors and analysts: “We are pleased with our Q1 performance, achieving revenue growth for the third straight quarter and advancing our strategy to lead the future of work.
“Our progress was fueled by a strong commercial business in Personal Systems and momentum in our key growth areas, including AI PCs. We are focused on taking decisive action to address evolving market conditions in the near-term, while investing in our long-term growth.”
Overall Print revenues down 2.4%
Printing revenues for HP have fallen 2.4% year-on-year in the period, though remain in the USD$4bn-plus range that typifies the 
HP commercial print rev. is down 7%company’s print segment share. Commercial print revenues, which include wide format, PageWide and HP Indigo, fell by 7%, offset to a degree by a 5% growth in consumer printing revenues.
CFO Parkhill adds: “In Q1 we drove solid progress against our financial commitments for the year and are raising our Future Ready savings target from $1.6 to $1.9 billion dollars by the end of fiscal year 2025. We are holding our outlook for the year and remain focused on disciplined execution as we continue to invest for the future.”
Interestingly, commercial printing accounted for 27% of the firm’s total print revenue, with print consumables (inks, toner, printheads, parts) making up 66% of revenue, with consumer print just representing just 7%.
Q1 2025 saw a significant year-on-year fall in the number of shares repurchased by HP, from 16.7m to just 2.7m, though dividends remained stable at $273m, down from $275m.
The Trump tarriff effect is already being felt
Factored into this outlook were America's ongoing tariff increases on China. HP said it had made significant progress in diversifying its supply chain, expecting by the end of 2025 to have over 90% of its North American products built outside of China – though China will remain “an important manufacturing hub for the rest of the world."
“Other substantial tariffs on imports to the United States from certain countries and regions, including Canada, Mexico and the European Union, have been proposed and we are focused on continuing to evaluate and implement further mitigating actions, including potential supply chain resiliency movements, cost and pricing measures, if needed, as the tariff environment evolves,” says Parkhill.
