HP is putting a brave face on its
third quarter 2023 results, claiming it's making progress to long-term growth priorities while enacting structural cost savings, despite revenue being down nearly 10 percent year-on-year.
The PC and printer maker blamed an "aggressive pricing environment" holding down computing prices, as well as sluggish demand in China, as reasons why the market is not improving as quickly as it had earlier anticipated.
HP's net revenue for Q3 was $13.2 billion, down 9.9 percent from the same period last year but up 2 percent over the previous quarter, allowing president and CEO Enrique Lores to claim that the company is delivering on its plan to drive sequential improvement.
Lores said that HP "continues to navigate an uneven environment," with enterprise customers cautious about spending thanks to the rising cost of capital. The consumer segment also remains weak, but the SMB sector is showing some resilience, he claimed.
