TECH - HP Joined Its PC Peers In Spreading Optimism Of An AI-Fueled Market Recovery | Benzinga
After Tuesday’s close, HP Inc (NYSE: HPQ) posted a slightly lower quarterly revenue than LSEG estimates but maintained its annual earnings outlook. Although the computer and printer maker issued a relatively cautious forecast for the undergoing quarter, HP offered some optimism about the PC market that is getting infused with the power of AI.
Like Lenovo Group Limited (OTC: LNVGY) and Dell Technologies Inc (NYSE: DELL), HP has been struggling with a PC market slowdown that came after the pandemic-induced boom. Dell will be reporting earnings on November 30th, while Lenovo posted a 16% revenue decline last week as PC demand remained slow. But despite posting its fifth consecutive quarterly sales decline, Lenovo also expressed optimism regarding an AI-aided PC market recovery.
Quarterly Highlights
The Palo Alto, California-based company reported revenue declines in both personal systems and printing with net revenue contracting 6.5% YoY to to $13.82 billion, slightly lower than Wall Street’s estimate of $13.85 billion. Personal Systems segment reported revenue ...