Dell and HP post disappointing quarterly sales as global PC market recovery stalls

Dell Technologies And HP released quarterly financial results that suggest a long-awaited recovery in personal computer (PC) the market is at a standstill. Shares of each company fell in extended trading.

Revenue from Dell’s PC business fell 1 percent to $12.1 billion in the fiscal third quarter, below estimates. While sales at HP’s PC unit rose 2 percent to $9.59 billion over the same three-month period, which was also below analysts’ average estimate.

“The PC refresh cycle is moving toward next year,” Dell Chief Financial Officer Yvonne McGill said Tuesday on a call with analysts after the earnings release.

HP President and CEO Enrique Lores said in an interview that the release of MicrosoftThe new edition of Windows software has not boosted PC sales to business customers as quickly as in previous versions.

The global PC market has seen a historic decline in recent years after an explosion in demand for new laptops during the early months of the pandemic, when students and corporate employees were stuck at home.

HP Chairman and CEO Enrique Lores speaks during the China Development Forum in Beijing March 25, 2024. Lores said the latest iteration of Microsoft’s Windows software has not boosted PC sales of personal computers. enterprise customers as quickly as in previous versions. Photo: AFP

While signs of a rebound began to materialize this year, shipments fell again in the third quarter, technology market research firm IDC said in October.