As IDC predicts an uplift in PC sales, US PC Company HP is facing what’s been described as an “Historic decline with printing revenues falling 17% and revenues in the PC division down 12%.
HP is now punting on the second half of 2023 delivering a quick fix to their problems however big retailers of their products at IFA, are not confident that business will pick up this year.
Industry analyst Gartner is claiming that that the PC market was showing signs of stabilisation but the one word coming to the surface at IFA is “Uncertainty”.
Fiscal third-quarter revenue dropped 9.9% to $13.2 billion; Consumer PC sales declined 12%.
Printing revenue fell 8.4%.
The shares fell to $28.75 in early trading after closing at $31.37 in New York claimed Bloomberg.
Demand is “not improving as quickly as we were expecting,” Chief Executive Officer Enrique Lores said in an interview.
Elevated levels of inventory across the industry means that computer pricing remains suppressed, and business customers put off purchases in the quarter due to job cuts and general cost-consciousness, Lores said.
The economy in China is also weighing on sales, he added.
HP reduced its full-year cash flow and profit outlook, saying a rebound in the market for personal computers will take longer than expected.
