Lates News

HPQ.N stated that due to facing issues with tariffs and rising memory chip prices, the company's full-year earnings may reach the lower end of the previously forecasted range. The stock dropped by about 7% in after-hours trading in New York after closing at $18.20. Over the past 12 months, the stock has accumulated a decline of 48%. Now, with consumers buying new computers to replace outdated devices and gain new artificial intelligence capabilities, HP and other device manufacturers are facing a double dilemma of rising memory chip prices and supply shortages. The company stated that memory issues will persist throughout the entire fiscal year and may continue into the next fiscal year. HP mentioned that they are raising product prices, working to introduce more suppliers, and adjusting some products to reduce memory requirements. The company announced today that they have made progress in these areas, including completing the certification of new suppliers. HP also announced the launch of a multi-year cost-cutting plan aimed at saving the company $1 billion annually by 2028.