's (NYSE: HPQ) stock fell 7% on Aug. 30 after the PC and printer maker posted its latest earnings report. For the third quarter of fiscal 2023, which ended on July 31, its revenue fell nearly 10% year over year to $13.2 billion and missed analysts' estimates by $200 million. Its adjusted earnings per share (EPS) dropped 17% to $0.86 but matched the consensus forecast.
HP's top and bottom declines weren't surprising, since the PC market is still stuck in a post-pandemic slowdown. However, its weaker-than-expected sales growth and grim near-term outlook suggest it still hasn't reached its cyclical trough yet. Should investors take a chance on HP before that turnaround happens?
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Source Fool.com