HP reports its third-quarter results after market close on Wednesday amid growing concern about PC pressures.
HP Q3 Results
NEW YORK (TheStreet) - HP(:HPQ) reports its third-quarter results after market close on Wednesday amid growing concerns that the no.1 PC maker experienced the same market pressures that weighed on rival Dell(:DELL) in its latest quarter.
Dell missed Wall Street's top-line estimate for its second-quarter results on Tuesday and offered weak third-quarter guidance. The Round Rock, Texas-based company noted a "challenging" environment for PC sales," prompting speculation that HP could face the same issues.
"We expect Hewlett-Packard to discuss similar challenges around its PC business this evening," explained Topeka Capital Markets analyst Brian White, in a note released on Wednesday.
Analysts surveyed by Thomson Reuters expect HP to report sales of $30.1 billion and earnings of 98 cents a share, down from $31.2 billion and $1.10 a share in the same period last year.
HP, however, has already predicted earnings upside. Earlier this month the Palo Alto, Calif.-based raised its third-quarter earnings guidance, projecting profit of at least $1 a share, compared to its prior outlook of 94 cents to 97 cents a share.
The tech giant's shares dipped 3.36% to $19.26 on Wednesday.
--Written by James Rogers in New York.
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