HP Inc. gave a profit outlook for the current quarter that fell short of expectations, citing the impact of rising component costs and tariffs on goods from China.

The details of the layoffs came shortly after HP reported higher revenue in its fiscal first quarter, boosted by what Chief Executive Enrique Lores said was strong demand for its new technologies.

HP announced Thursday that it will cut up to 2,000 jobs as part of an ongoing restructuring plan. The Bay Area tech giant expects to save $300 million by the end of its fiscal year in October 2025 due to the cuts,

Another round of layoffs hit the Bay Area's volatile tech industry. HP Inc. plans to lay off up to 2,000 more employees as the company looks for ways to slash costs amid economic uncertainty and eyes more investments in artificial intelligence.

Joining us now is Enrique Alvarez, HP CEO, as well as here on the desk with me, co-host of Bloomberg Technology Caroline Hyde. Enrique, let me first ask you about these job cuts. You're going to cut 2000 workers or as many as 2000 workers to save $300 million a year.