HP Inc. CEO Enrique Lores told CNBC on Tuesday that he sees signs that commercial customers are spending more cautiously on PCs as macroeconomic uncertainty weighs on businesses.
Lores ‘comment in a “Mad Money” interview comes after an interview well-documented consumer PC needs this year, even if sales of higher performance machine favored by corporations seems to be showing some resilience. However, worries about slowing economic growth have increased in recent months, fueling fears that business PC sales will be the next shoe to fall. in a market witnessing Covid-driven growth.
“What we did see during the quarter was a slowdown in consumer demand that actually accelerated as the quarter progressed. We’re also starting to see some signs of a slowdown across the commercial space,” Lores said. with CNBC, Jim Cramer, after PC and printer. Manufacturers reported mixed results for the quarter ended July 31.
According to Refinitiv, quarterly revenue of $14.66 billion was down from the $15.74 billion expected by analysts, while better-than-expected profit margins helped earnings per share. came in at $1.04 compared to estimates. HP Inc. Tuesday lowered its full-year earnings forecast for fiscal 2022, which ends in October.
While the “general situation we believe is temporary,” Lores said HP Inc.’s commercial business. however affected by reports of hiring stagnation and slowdown.
“We actually think this is driven by the macroeconomic situation we’re facing,” Lores said, noting that “more and more companies are being cautious about how they manage their budgets and execution. careful about how many new employees they hire.”
