HP Inc reported a 4.4% revenue decline to $13.2bn in Q1, missing analyst expectations, with both PC and printing net revenues decreasing.
HP Inc reported a 4.4% decline in Q1 revenue to $13.2bn, missing analyst expectations of $13.6bn. The PC market slump continues, with HP's Personal Systems net revenue down 4% and Printing net revenue down 5%. Despite the current setback, CEO Enrique Lores expects PC sales to increase in 2024 due to a rebound in corporate spending, new computers tied to Microsoft's Windows 11 software, and modest AI-ready PC impact. HP maintained its outlook for the current year, with free cash flow projected at $3.1bn to $3.6bn and adjusted profit at $3.25 to $3.65 a share.
February 28, 2024
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