{"id":15966,"date":"2023-05-30T23:13:02","date_gmt":"2023-05-31T03:13:02","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/hp-misses-revenue-estimates-as-inflation-saps-pc-demand\/"},"modified":"2023-05-30T23:13:03","modified_gmt":"2023-05-31T03:13:03","slug":"hp-misses-revenue-estimates-as-inflation-saps-pc-demand","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15966","title":{"rendered":"HP misses revenue estimates as inflation saps PC demand"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo for The Hewlett-Packard Company is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS\/Brendan McDermid<\/span>
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(Reuters) – HP Inc (NYSE:) missed Wall Street targets for second-quarter revenue on Tuesday as inflation-hit customers spent less on the company’s personal computers, sending its shares down nearly 3% in extended trading.<\/p>\n

Companies such as HP, Lenovo and Dell Technologies (NYSE:) have seen demand ease from peaks hit during the pandemic, when work-from-home trends had driven up sales of laptops and other electronic devices. <\/p>\n

Global PC shipments declined nearly 30% in the January-March period to levels lower than before the pandemic, according to data from research firm IDC. <\/p>\n

Sales for HP’s Personal Systems segment – home to its desktop and notebook PCs – dropped 29% in the reported quarter, while the company’s printing segment recorded a 5% fall.<\/p>\n

HP said it expects second-half revenue to be higher than the first half, even though the year-on-year comparison will still be negative. <\/p>\n

“From a demand perspective, especially on the consumer side, the second half is stronger,” said CEO Enrique Lores in an interview with Reuters. <\/p>\n

The PC maker now expects annual adjusted profit between $3.30 per share and $3.50 per share, compared with $3.20 to $3.60 forecast earlier.<\/p>\n

Lores said that at a partner event this quarter, AI-driven opportunities were talked about, and added the company was working with key software and silicon partners to create new PC architectures that would drive a PC refresh in the coming years. <\/p>\n

California-based HP’s second-quarter revenue was $12.91 billion. Analysts were expecting $13.07 billion, according to Refinitiv data. <\/p>\n

On an adjusted basis, HP earned 80 cents per share, compared with expectations of 76 cents. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo for The Hewlett-Packard Company is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS\/Brendan McDermid (Reuters) – HP Inc (NYSE:) missed Wall Street targets for second-quarter revenue on Tuesday as inflation-hit customers spent less on the […]<\/p>\n","protected":false},"author":1,"featured_media":2658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-15966","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nHP misses revenue estimates as inflation saps PC demand | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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