Dell, HP Shares Slump on Weak Outlooks

HP, Dell's weak forecasts spark share selloff, doubts over PC market recovery
(Reuters) -Shares of Dell and HP fell on Wednesday after the personal computer makers issued forecasts that cast doubt on a market recovery driven by artificial intelligence-enabled PCs. Dell tumbled 11%,
HP’s stock sinks on lower guidance, despite optimism in the PC market
Profitability took a hit as well, as HP reported net earnings of $906 million for the quarter, down from $974 million one year earlier. The company also reported total revenue in fiscal 2024 of $53.6 billion, which was more or less flat compared to the prior year.
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Dell Technologies and HP are both waiting for consumers to upgrade their personal computers, which is dragging on their sales for the time being. Shares of both tech companies slumped in late trading.
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HP forecast its first-quarter profit below Wall Street expectations on Tuesday, signaling persistent choppy demand in the personal computers market and sending the company's shares down 8% in extended trading.
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