HP forecasts downbeat profit as weak PC market, competition weigh

(Reuters) -HP forecast fourth-quarter profit below Wall Street estimates and cut its expectations for the year on Wednesday, owing to choppy demand in the personal computers market and competitive pricing, even though revenue grew after more than eight quarters.

Shares of the PC maker fell 3.7% in extended trading.

The company expects commercial PC momentum to continue, while seeing a slower recovery in the print market, CEO Enrique Lores said during a post earnings call, adding that “competitive environment continues to be difficult,” specially in print and in office.