After challenging Q2, CEO reckons channel inventory starting to finally clear
HP is counting the cost of customer demand being zapped by inflation and continued pricing promotions to clear higher than normal inventory after revenues plunged by more than a fifth in its latest quarter.quarter ended April 30
“The industry-wide headwinds we described last quarter continued to impact our business,” said CEO Enrique Lores. “Against this backdrop, our teams did an excellent job controlling our costs, managing our pricing and shifting our mix.” With this in mind, Lores told analysts on an earnings call that it “delivered on our year-to-date cost target, keeping us on track to deliver at least 40 percent of our three-year savings by the end of fiscal year '23.” This saving will be reinvested into innovation, he added.
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