HP misses revenue estimates

NEW YORK: HP Inc missed Wall Street targets for second-quarter revenue on Tuesday as inflation-hit customers spent less on the company’s personal computers, sending its shares down nearly 3% in extended trading.

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.

Global PC shipments declined nearly 30% in the January-March period to levels lower than before the pandemic, according to data from research firm IDC.

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.