News: Net earnings for the third fiscal quarter fell 8% to $783m.
HP Inc continues to struggle with weak demand for PCs and printers, with the company’s latest quarterly revenue dropping 4% year over year to $11.9bn.
Net earnings for the third fiscal quarter fell 8% to $783m, compared to $854m for the same period last year.
Net revenue from its printing division, which generates most of the company's profits, was down 14% year-over-year to $4.42bn. Profit from supplies dropped by 18% to $2.84bn from $3.45bn.
Net revenue from personal systems was flat year-over-year, while commercial net revenue fell 3%. Consumer net profit increased 8%.
Total unit sales increased 4%, with notebooks up 12% and desktop systems down 6%.
Total hardware unit sales declined 10% with commercial hardware units down 2% and consumer hardware units down 14%.
HP president and CEO Dion Weisler said: "In Q3, we delivered on our financial commitments and continued to make solid progress in executing against our core, growth and future strategic framework.
"Although the markets remain challenged, we have the innovation and executional rigor needed to continue to take profitable share and invest in the right opportunities to drive long-term success for the company."
As for the outlook, HP once again revised its EPS estimation for the fiscal year. Last quarter, the company projected non-GAAP earnings range of $1.59 to $1.65 per share.
The company now expects a range of $1.59 to $1.62 a share. For the fiscal 2016 fourth quarter, HP predicts net income per share of 34 cents to 37 cents.
HP is the second-largest PC manufacturer behind Lenovo.