HP Inc (NYSE:HPQ) shares were down around 9%, at $28.57, after last night’s quarterly earnings report revealed sluggish demand for PCs and printers.
Quarterly financial metrics showed revenue of $13.2 billion, down 10% year-over-year and short of the $13.4 billion expected by analysts. Adjusted earnings were $0.86 per share, in line with Street expectations.
Personal systems net revenue was $8.9 billion, down 11% year-over-year, while printing net revenue was $4.3 billion, down 7%.
Looking ahead, HP expects fourth-quarter adjusted earnings between $0.85 and $0.97 per share, compared to Street expectations of $0.95 per share.
“While we expect another quarter of sequential growth in [the fourth quarter], the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result,” HP CEO Enrique Lores said in an interview.