HP Sales Miss Estimates as Businesses Hold Off Buying PCs
- CEO Lores says he expects market to improve in the coming year
- Printing unit revenue declines 3%, meeting analysts’ estimates
Photographer: Kimberly White/Bloomberg
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HP Inc. reported quarterly sales just shy of analysts’ estimates as the predicted uptick in the personal computer market hasn’t yet materialized.
Revenue fell 6.5% to $13.8 billion in the period ended Oct. 31, the Palo Alto, California-based company said Tuesday in a statement. HP’s sales of computers to businesses slipped 11% from a year earlier to $6.21 billion, under-performing expectations.