HP shares dip after PC maker reports drop in PC sales

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HP shares dip after PC maker reports drop in PC sales
Credit: © Reuters.

Investing.com -- HP Inc (NYSE: HPQ ) shares were falling after the PC maker posted its lowest revenue for a quarter since early 2020, noting ongoing weakness in demand for personal computers.

For the fiscal second quarter ended in April, HP reported a 21.7% drop in revenue to $12.9 billion. That was below expectations for $13.1B.

Adjusted earnings per share of 80 cents beat expectations for 76 cents a share.

Shares were down 1.7% in after-hours trading.

CEO Enrique Lores said: “We are well-positioned to win in our markets and drive long-term sustainable growth as we make continued progress against our Future Ready plan.”

Its PC business reported sales of $8.2B. That is down 29% from the same times last year and short of expectations. Printing revenue of $4.7B was down 5% from the same time last year.

The company’s outlook for the third quarter ending in July forecasts adjusted earnings of 81 cents to 91 cents a share. For the fiscal year 2023 ending in October, it forecast adjusted earnings of $3.30 to $3.50 a share, up from a prior estimate.

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