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1 day agoHP Shares Are Down 31% Over the Past Year Despite a Revenue Beat
HP Inc beat Q1 FY2026 estimates but faces challenges with memory costs and declining PC shipments.
PayPal Holdings (NASDAQ:PYPL) just did something nearly unheard of in Silicon Valley: it poached a sitting CEO from another public company. Enrique Lores, who led HP Inc () through six consecutive quarters of revenue growth, is now PayPal's new chief executive as of February 3, 2026. This wasn't a quiet retirement transition or a graceful succession plan. This was a raid.
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.
"A quarter ago, we shared that our goal was to have less than ten percent of the products in North America being shipped from China by September... we accelerated that and now almost no products will be coming from China sold in the US by June."