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HP shares dip after PC maker reports drop in PC sales

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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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.