HP said it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.
Earnings, excluding some items, will be $3.20 to $3.60 a share in the fiscal year ending in October 2023, Palo Alto, California-based HP said Tuesday in a statement. Analysts, on average, projected $3.61 a share, according to data compiled by Bloomberg. Free cash flow will be about $3.25 billion, which also falls short of estimates.
The forecast assumes a 10% decline in computer sales in the fiscal year, Chief Executive Officer Enrique Lores said in an interview. "We expect a challenging market environment,” he said.
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