HP Reports Declining Revenue on Supply-Chain Disruptions
- Printing division sales fall 19% while PC unit drops 7%
- Company delays $15 billion share buyback plan on uncertainty
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HP Inc. reported declining quarterly sales, signaling the coronavirus pandemic has disrupted the supply chain of the world’s second-largest personal computer maker. Shares declined about 5.5% in extended trading.
Revenue fell 11% to $12.5 billion in the period ended April 30, the Palo Alto, California-based company said Wednesday in a statement. Analysts, on average, estimated $12.9 billion, according to data compiled by Bloomberg. HP projected profit, excluding some expenses, of 39 cents to 45 cents a share in the current quarter, falling short of analysts estimates of 46 cents.