HP, the leading computer and printer manufacturer, has revised its outlook for the fiscal year 2023 and provided guidance for the current quarter. The company now forecasts earnings per share between $2.95 and $3.07 for fiscal 2023, compared to the previous range of $2.91 and $3.11.
In terms of adjusted earnings per share, HP has set the forecast between $3.23 and $3.35, as opposed to the previous guidance of $3.30 and $3.50. The company’s outlook for the fourth quarter aligns with analysts’ estimates, with earnings projected to be between 65 cents and 77 cents per share, and adjusted earnings between 85 cents and 97 cents per share.
The updated guidance from HP comes after experiencing a decline in both revenue and earnings in the third quarter. Chief Executive Enrique Lores expressed that the expected pricing recovery did not materialize as anticipated. He also mentioned that although HP foresees sequential growth in the fourth quarter, they are moderating their expectations due to high industry-level inventories, which continue to exert pressure on pricing.
Overall, despite these challenges, HP remains optimistic about its future performance and aims to navigate the changing market landscape effectively.