HP Cuts Profit, Cash Flow Outlook on Slower Return of PC Demand

Free cash flow for the fiscal year ending Oct. 31 will be $3 billion, the Palo Alto-based company said Tuesday in a statement. It previously projected about $3.25 billion. HP also reduced its adjusted profit forecast to a range of $3.23 to $3.25 a share from $3.30 to $3.50 a share.

Personal computer sales have experienced a historic decline over the last year following a pandemic-era boom. HP had been hopeful that the second half of 2023 would see quicker improvement with sales boosted by the back-to-school and holiday seasons. Industry analyst Gartner Inc. said in July that the PC market was showing signs of stabilization. Instead, the reduced outlook indicates ongoing unpredictability.

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