2023-11-22 03:08:38 ET
HP ( NYSE: HPQ ) CEO Enrique Lores discussed in a CNBC interview that the company's new computers with AI capabilities will boost growth in the PC market.
"This will drive significant momentum in the category, some in 2024, more in 2025, more in 2026," he said. "As we've said before, we think this is going to double the growth of the PC category starting next year."
Lores said the new computers will likely be priced 5%-10% higher on average than HP's ( HPQ ) other models.
As for the broader PC market, Lores said recovery has begun, which will also be supported by the upgrade to Windows 11 from Windows 10. "The second half (of the year) was stronger than the first half, and we expect the market to grow in 2024 compared to 2023."
HPQ stock fell 3.7% after hours on Tuesday as the company reported Q4 sales that missed the estimates and issued weaker-than-expected guidance for the ongoing quarter.
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HP CEO: Growth in PC segment likely to double next year