HP Inc.'s first financial results sinc ethe company's split from Hewlett-Packard Co are not good. The company today reported a near 12 percent drop in quarterly revenue, as it struggles with weak demand for PCs and printers.
Revenue in the company's personal systems business fell 13 percent in the first quarter ended Jan. 31, while it declined 17 percent in its printing division from a year earlier.
PC sales have been falling sharply worldwide and printer demand has been hurt as corporate customers cut printing costs and consumers shift to mobile devices.
"We have a clear strategy that leverages our strengths, and we are focused on execution, taking cost out of the business and delivering innovations that will amaze our customers and partners," said Dion Weisler, HP's President and CEO. "Although we have some tough quarters ahead, I am confident in the future."
The company forecast adjusted profit of 35-40 cents per share for its second quarter ending April 30.
Hewlett-Packard Enterprise Co, also spun off from Hewlett-Packard Co, is expected to report results on March 3.