HP reported quarterly sales that missed estimates and reduced its annual profit forecast on falling demand for personal computers and printers, especially among consumers. The shares fell in extended trading.
HP Inc. reported quarterly sales that missed estimates and reduced its annual profit forecast on falling demand for personal computers and printers, especially among consumers. The shares fell in extended trading.
“Like many other companies, our revenue has been impacted by worsening consumer demand that we expect is going to continue is Q4,” Chief Executive Officer Enrique Lores said in an interview. “This situation will probably last for a couple more quarters.” PC demand, which boomed early in the pandemic, has fallen off as schools reopened and economic sentiment soured. Global shipments declined 13 per cent from April to June -- the worst quarter in more than nine years, according to Gartner Inc., an industry analyst. HP experienced a drop of more than 27 per cent, the worst of any company tracked by Gartner.
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