HP Inc. which is the legacy of the hardware business of the former Hewlett-Packard, reported weaker than expected quarterly earnings, struggling with weak demand for personal computers and printers.
HP Inc shares were HPQ ^ 0.76% down 2% to $ 11.96 in electronic trading Wednesday.
Revenue in the sector of the company’s Personal Systems fell 9.9% in the second quarter ended June compared to the previous year in April, while revenue fell 15.8% in the division impression.
printer demand was injured as enterprise customers to reduce printing costs and consumers turn to mobile devices.
HP Inc expects adjusted earnings of 37-40 cents per share for the third quarter.
Analysts on average expected 40 cents, according to Thomson Reuters I / B / E / S.
The company reduced the top end of its forecast for 2016, the economic benefit of $ 1.65 per share from $ 1.69. The lower limit remains unchanged at $ 1.59.
HP’s profit from continuing operations fell to $ 660 million, or 38 cents per share, in the second quarter of $ 733 million, or 40 cents per share, a year earlier.
The turnover of the company fell to $ 11.59 billion from $ 12.98 billion.
Analysts on average expected earnings of 38 cents per share on revenue of $ 11.72 billion.
This is the second quarterly results of HP detached from Hewlett-Packard Inc.
The other company, Hewlett Packard Company HPE ^ 6.77%, announced Tuesday it would split and merger of its IT services struggle with Computer Sciences.