Computer Manufacturer HP Feels Slow in Growth Due to Chip Shortage
Computer and printer manufacturer HP Inc. suffered from the global chip shortage last quarter.
As a result, the American company cannot take full advantage of the high demand for computers of recent times.
Year-over-year sales rose 7 percent to $15.3 billion. However, HP Inc. failed to meet analyst expectations. They had expected on average 15.9 billion dollars in revenue. “We could have grown more had there not been a shortage of parts,” said CEO Enrique Lores.
However, HP Inc. managed to put more profit in the books than connoisseurs thought possible.
Under the line, 1.1 billion dollars remained, more than half more than a year ago. The company also showed an optimistic outlook for earnings. It is also important that HP Inc. strong demand for higher prices for computers and other equipment.