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HP’s Revenue Misses Estimates as Chip Shortages Hit Production

  • CEO says orders strong but constrained by parts availability
  • PC maker expects scant supplies for several more quarters
HP Inc. headquarters in Palo Alto, California.
HP Inc. headquarters in Palo Alto, California.Photographer: David Paul Morris/Bloomberg

HP Inc.’s quarterly sales fell short of projections, hurt by an industrywide shortage of semiconductors that is constraining personal-computer production. Shares dropped in late trading.

Revenue in the third quarter was $15.3 billion, up 7% but less than the average analyst estimate of $15.9 billion, according to data compiled by Bloomberg. Still, profit topped estimates, and the company gave an upbeat outlook for earnings thanks to higher PC prices.