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Dell Technologies' (DELL) first-quarter fiscal 2024 results continue to reflect sluggish PC demand, hurting Client Solutions Group business.
HP Inc. CEO Enrique Lores sees big changes ahead to the business work as AI advances.
Revenue fell short of estimates due to a marked decline in PC sales. As a recap, for the three-month stretch ending in April, HP turned $12.9 billion in revenue into an adjusted per-share profit of $1.07. The bottom line beat estimates of $0.76 per share, although it still slumped 31% from the year-ago second quarter's comparison of $1.20.
HP's second quarter results were mixed. Revenue was slightly lighter than analysts were expecting. It comes amid a backdrop of slowing PC sales. HP CEO Enrique Lores expects PC demand to pick up in the coming months. Lores also anticipates benefiting from AI, telling Yahoo Finance Live that AI will "radically change" how we use PCs.
Shares of HP (NYSE: HPQ) dropped 4% during after-hours trading on May 30 following the PC and printer maker's latest earnings report. It experienced a growth spurt during the pandemic as more consumers purchased new PCs for remote work, online classes, and video games, but those tailwinds dissipated in a post-pandemic world. Its commercial PC and printing businesses offset some of that post-pandemic slowdown as companies upgraded their hardware again, but that recovery was disrupted by macro headwinds over the past year.
Shares of semiconductor giants Advanced Micro Devices (NASDAQ: AMD), Taiwan Semiconductor Manufacturing (NYSE: TSM), and Dell Technologies (NYSE: DELL) were all falling on Wednesday, down 5.2%, 3.7%, and 5.3%, respectively, as of 3:42 p.m. ET. None of these three companies had any company-specific news today, but one -- or actually, two -- of their main rivals reported earnings last night, casting a pall over any chip stock leveraged to the PC or server markets. Yesterday, both HP Inc. (NYSE: HPQ) and Hewlett Packard Enterprise (NYSE: HPE) reported earnings that disappointed.
The Yahoo Finance Live team breaks down some of the top moving stocks of the day. SoFi shares jumped on the debt deal moving through Congress. Under the terms of the deal, student loan repayments would restart, which would be good for SoFi's business. Advance Auto Parts shares plummeted more than 30% after slashing its guidance and dividend. Shares of both HP Inc. and Hewlett Packard Enterprise ended the day lower after the companies reported earnings that didn't meet investor expectations. Click here to see what HPE's CFO had to say about his company's results.
U.S. stock indexes fell on Wednesday as a deal to raise the nation's debt ceiling headed for a pivotal vote by lawmakers, while unexpectedly strong labor market data reinforced bets of another interest rate hike by the Federal Reserve. A bill to lift the $31.4 trillion U.S. debt ceiling and achieve new federal spending cuts made its way to the House of Representatives for debate on Tuesday and an expected vote on passage is due later on Wednesday.
A slowdown in consumer demand, tightening corporate budget amid ongoing macroeconomic challenges and unfavorable currency exchange rates mainly hurt HP's (HPQ) overall financial performance in Q2.
Shares of HP Inc. drop after the computer brand announces a mixed earnings report as the company feels the impact of declining PC sales.
HP Inc. is plotting an AI future as sales of PCs continue to be under pressure.
U.S. stocks are falling as investors await a key vote on the debt ceiling deal. At 11:06 ET (15:06 GMT), the Dow Jones Industrial Average fell 263 points or 0.8%, while the S&P 500 was down 0.8% and the NASDAQ Composite was down 0.7%. The House is expected to vote later today on the deal, which lifts the debt ceiling to January 2025, limits spending and reclaims funds allocated to fight COVID and bolster the Internal Revenue Service.
Investing.com -- Stocks in focus in premarket trade on Wednesday, May 31st. Please refresh for updates.
HP Inc (NYSE:HPQ) shares traded almost 5% lower in pre-open Wednesday after the PC maker posted its lowest revenue for a quarter since early 2020, noting ongoing weakness in demand for personal computers. Adjusted earnings per share of 80 cents beat expectations for 76 cents a share. CEO Enrique Lores said: “We are well-positioned to win in our markets and drive long-term sustainable growth as we make continued progress against our Future Ready plan.”
Although the revenue and EPS for HP (HPQ) give a sense of how its business performed in the quarter ended April 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
HP (HPQ) delivered earnings and revenue surprises of 5.26% and 1.21%, respectively, for the quarter ended April 2023. Do the numbers hold clues to what lies ahead for the stock?
Yahoo Finance Live's Seana Smith takes a look at several stocks trending in the after-hours trading session including HP Inc., Box, and Hewlett Packard Enterprise.
(Bloomberg) -- HP Inc. reported sales that fell further than analysts’ estimated, a sign the company continues to be hamstrung by the ongoing slump in demand for personal computers.Most Read from BloombergTrillion-Dollar Treasury Vacuum Coming for Wall Street RallyAmazon Is in Talks to Offer Free Mobile Service to US Prime MembersQatar Airways Plans for Future Without First Class on Long-HaulUS Chides China Over Defense Talks as Navy Sails by TaiwanRich Latin Americans Transform Laid-Back Madrid
Companies such as HP, Lenovo and Dell Technologies have seen demand ease from peaks hit during the pandemic, when work-from-home trends had driven up sales of laptops and other electronic devices. Sales for HP's Personal Systems segment - home to its desktop and notebook PCs - dropped 29% in the reported quarter, while the company's printing segment recorded a 5% fall. "From a demand perspective, especially on the consumer side, the second half is stronger," said CEO Enrique Lores in an interview with Reuters.
HP Inc. managed to beat on earnings amid a focus on managing its costs.
PALO ALTO, Calif., May 30, 2023 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ) Second quarter GAAP diluted net earnings per share ("EPS") of $1.07, above the previously provided outlook of $0.40 to $0.50 per share Second quarter non-GAAP diluted net EPS of $0.80, within the previously provided outlook of $0.73 to $0.83 per share Second quarter net revenue of $12.9 billion, down 21.7% from the prior-year period Second quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 b
Investing.com - U.S. stock futures were trading within a tight range during Tuesday's evening trade, as market participants weighed the likelihood of U.S. Congress passing a debt deal ahead of a vote on the legislation as early as Wednesday.
Dell Technologies' (DELL) first-quarter fiscal 2024 performance is expected to have suffered from a sluggish PC market and unfavorable forex.