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HP Inc. shares slide after PC maker tempers full-year forecasts

Investing.com -- Shares in HP Inc (NYSE:HPQ) shed nearly a tenth of their value in early U.S. trading on Wednesday, marking their biggest decline since May 2021, after the personal computer maker dialed back its full-year profit estimates.

In its annual earnings released after the close of trading on Tuesday, California-based HP said it now expects adjusted earnings per share of between $3.23 to $3.35 in its current fiscal year. Its initial projections had been in the range of $3.30 to $3.50.

The tempered forecasts come as HP faces headwinds from a slowdown in spending, particularly in China. Uncertain economic conditions have convinced customers to rein in expenditures, hitting demand for electronics and causing an inventory build-up across the supply chain.

HP Chief Executive Officer Enrique Lores flagged in a statement that, while sequential growth is forecast for the fourth quarter, the external environment "has not improved as quickly as anticipated."

"[W]e are moderating our expectations as a result," Lores added.

Net revenue at HP slipped by 9.9% to $13.20 billion in the third quarter, missing Bloomberg consensus estimates of $13.38B.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.