Feb 29, 12:45 AM

HP's Q1 Revenue $13.19B Misses Estimates, Stock Falls; CEO Notes PC Market Challenges; Hewlett Packard Enterprise Lowers Outlook for Fiscal Year 2024

HP reported quarterly revenue of $13.19B, missing estimates, with Personal Systems revenue down 4% YoY to $8.8B and Printing revenue down 5% YoY to $4.4B. The company cited sluggish demand in the PC market, leading to a drop in stock prices. HP CEO highlighted that PC demand remains a challenge despite the upcoming AI computers. On the other hand, Hewlett Packard Enterprise reduced its full-year outlook for sales growth and profit due to lower demand for networking products and chip availability issues. The company expects downbeat Q2 revenue on weak networking solutions demand, with effects persisting through Fiscal Year 2024.

#HP #Personal Systems #Printing #Hewlett Packard Enterprise #Fiscal Year 2024

Written with ChatGPT (GPT-3).