Deere & Company Agrees to $99 Million Settlement Over Right-to-Repair Dispute 
Australia's Social Media Ban for Under-16s Sparks Global Movement 
Annie Altman Amends Sexual Abuse Lawsuit Against OpenAI CEO Sam Altman 
Elon Musk Ties SpaceX IPO Access to Mandatory Grok AI Subscriptions 
MATCH Act Targets ASML and Chinese Chipmakers in New U.S. Export Crackdown 
Cybersecurity Stocks Tumble After Anthropic's Claude Mythos AI Leak Sparks Market Fears 
Trump Administration Plans 100% Tariffs on Pharmaceutical Imports 
Britain Courts Anthropic Amid US Defense Department Dispute 
Samsung Electronics Posts Eightfold Profit Surge Driven by AI Chip Demand 
Nike Beats Q3 Estimates but China Weakness and Margin Pressure Weigh on Outlook 
Pershing Square Bids €30.40 Per Share to Acquire Universal Music Group in $9.4B Deal 
UAE's Largest Natural Gas Facility Suspended After Attack-Triggered Fire 
RBC Capital: European Medtech Firms Show Minimal Middle East and Energy Risk Exposure 
First Western Ship Transits Strait of Hormuz Since Iran War Began 
LG Electronics Posts Record Q1 Revenue Amid Strong Demand and Cost Improvements 
Apple Turns 50: From Garage Startup to AI Crossroads 
Paramount Skydance Secures $24B from Gulf Sovereign Wealth Funds for Warner Bros. Discovery Takeover 
HP has revised its profit forecast downward for fiscal year 2024, citing weak demand in the PC market and heightened competition. Despite a slight increase in revenue, the company’s shares fell 3.7% in extended trading following the announcement.
HP Revises Profit Outlook Amid Weak PC Demand and Competitive Pressures, Shares Drop 3.7%
According to Reuters, HP reduced its expectations for the year and forecasted fourth-quarter profit below Wall Street estimates on August 28. It cited unstable demand in the personal computers market and competitive pricing despite revenue growth after more than eight quarters.
The PC manufacturer's shares experienced a 3.7% decline in extended trading.
During a post-earnings teleconference, CEO Enrique Lores stated that the company anticipates a continued increase in commercial PC momentum. Still, the print market is expected to recover at a slower pace. He also noted that the "competitive environment remains challenging," particularly in the office and print sectors.
According to CFO Karen Parkhill, the company anticipates lower-than-average seasonal growth in its personal systems segment, encompassing desktop and notebook PCs.
Following the pandemic-induced surge in demand for personal computers (PCs) and other electronic products, the organization's revenue growth declined in 2022.
According to research firm IDC, the market has been hindered by weak demand in China, the world's largest consumer of desktop PCs.
Nevertheless, the quarter ending in June saw a year-over-year increase of over 5% in worldwide PC shipments, excluding China.
HP Lowers 2024 Profit Forecast Despite Revenue Growth, Expands Share Repurchase to $10 Billion
HP has reduced its adjusted profit forecast for fiscal year 2024 to $3.35 to $3.45 per share, as opposed to its previous projection of $3.30 to $3.60 per share.
According to LSEG data, analysts anticipate an average annual adjusted profit per share of $3.45.
The midpoint of the PC manufacturer's fourth-quarter adjusted profit per share, below LSEG's projection of 95 cents, is anticipated to be between 89 and 99 cents.
According to LSEG data, HP's revenue for the third quarter increased by 2.4% to $13.52 billion, surpassing analysts' average estimate of $13.38 billion.
The corporation, headquartered in Palo Alto, California, also increased its share repurchase authorization to $10 billion.
