PC shipments including desktops, notebooks and workstations to China have dropped 19 per cent in the past few months as the region remains cautious about spending on IT, according to analysis firm Canalys.
“We don’t see it (a recovery in China) happening anytime soon. And at this point, we are not building that recovery in any of our plans,” Lores added.
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HP now forecasts adjusted earnings per share to be in the range of $3.23 to $3.35 from earlier expectations of $3.30 to $3.50.
The company’s third-quarter revenue dropped 9.9 per cent to $13.20 billion compared with analysts’ estimates of $13.37 billion, according to Refinitiv data.
However, a focus on controlling costs helped the PC maker report adjusted earnings per share of 86 cents, in line with its forecast of 81 to 91 cents.
Total costs and expenses also fell 8.6 per cent from a year earlier.
The company remains on track to deliver 40 per cent of its three-year cost savings target by the end of the fiscal year.
