Fundamentals are improving more slowly than the company had hoped, prompting management to lower its outlook for the October 2023 fiscal year.
HPInc. posted mixed financial results, showing the effects of both weak demand for printers and softer-than-expected prices for personal computers. And with fundamentals improving more slowly than the company had hoped, management trimmed its outlook for the October 2023 fiscal year.For its fiscal third quarter ended July 31, HP reported revenue of $13.2 billion, down 9.9% from the year-ago quarter, and slightly below the Wall Street consensus of $13.4 billion.
But Lores also said “PC prices are not improving as quickly as we expected.” He noted that while overall demand is stronger than expected, in particular for consumer PCs, continued high levels of industry-wide inventory are pressuring pricing. HP’s Personal Systems Group, the company’s PC business, had quarterly revenue of $8.9 billion, down 11% from a year earlier and slightly above the Street consensus at $8.7 billion. Commercial PC revenue was down 11%, while consumer PCs were down 12%.
Printing group revenue was $4.3 billion, down 7% from a year ago and shy of the Street consensus at $4.7 billion. Commercial print revenue was down 6% from a year ago, while consumer was off 28%.
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