HP has published a report on its quarterly sales, which did not meet analysts’ expectations because the projected recovery of the personal computer market is still a hypothetical vision of the future and is not in the space of objective reality that cannot be denied.
According to the results of the quarter that ended on October 31, the revenue of the mentioned company was fixed at $13.8 billion. This indicator is 6.5% lower than the financial index contained in the brand’s report for the same period in 2022. The relevant information was published by the company last Tuesday, November 21.
Sales of HP computers in the quarter ended October 31 amounted to $6.21 billion. This indicator is 11% lower than the result recorded for the same period last year.
Currently, manufacturers of personal computers are going through difficult times. After the coronavirus pandemic, a sharp drop in consumer demand for these products was recorded. At the same time, analysts say there are signs of an incipient recovery of the personal computer market. In the October IDC report that the specified commercial space has overcome the lower limit of the recession, despite the weakness of the global economy.
HP Chief Executive Officer Enrique Lores said he expected the company’s position to improve in the new fiscal year. According to him, an increase in the level of consumer spending on the eve of the holidays and the stabilization of corporate demand is currently being recorded. He said that these factors are a reason to be confident that in the 2024 fiscal year, the situation in the personal computer market will be favorable.
Expert Woo Jin Ho says that HP hopes to improve its financial performance in the second half of next year. According to him, it is likely that the company will benefit from the recovery of the personal computer market, but the growing competitive pressure may provoke a decrease in sales and margin resilience in printing.
Enrique Lores expects consumer demand to focus on higher-end PCs in 2024. He believes that the implementation of this scenario will improve the financial performance of sales of the corresponding devices.
As we have reported earlier, HP to Produce Chromebooks in India.