HP Inc. (HPQ) posted fiscal fourth-quarter earnings that were largely in line with estimates with revenue missing by a hair. Despite this, HP CEO and President Enrique Lores is confident in the company’s profit forecast and renewing demand in the PC market heading into 2024.
Lores sits down with Yahoo Finance Executive Editor Brian Sozzi to discuss the latest earnings results, as well as AI PC launch dates, managing its operating margins, and where HP will fit into the AI landscape given recent shakeups occurring in other developers.
While maintaining 5% growth in consumer PC sales — coming in line with HP’s own forecasts — Lores holds fast that this “supports the momentum that we start seeing” expected through the beginning of 2024.
HP plans to ship out its AI PC units in the second half of 2024, which Lores previously called “a huge opportunity to really bring energy to the category” in an earnings call back in May.
“There is a difference between launching and penetration,” Lores underlines on the eventual market share of its new hardware. “Our projection is that the penetration of the AI PCs will be between 40 and 60% three years after launch.”
Amid consumer fears and growing regulatory concerns on AI, Lores additionally assures customers they remain “a key area of focus” and that the tech company will prioritize data privacy while building out its artificial intelligence-powered portfolio.
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