The Clap
HP (NYSE: HPQ) missed Q2 sales estimates and decreased its annual profit forecast for 2022.
The Deets
HP’s profit forecast declined as demand for PCs and printers decreased. The decrease in demand is expected to continue throughout Q4, and carry on for maybe two more quarters.
In addition to declining consumer demand, the company is beginning to see signs of slowing business demand, which influenced the forecast cutback.
Pandemic
PC demand boomed during the pandemic as hybrid and work-from-home business models were rapidly adopted by businesses globally.
As schools reopened and businesses began reverting back to their normal setup, demand began to fall off.
Why this Matters
The company’s stocks fell by around 5% in extended trading.
Declining PC demand hurting HP 🖥
