Business News Roundup, Nov. 30
Earnings
HP Inc.
HP Inc. gave a profit forecast in line with estimates, reflecting the world’s second-largest personal computer maker’s challenge to cut costs amid strong competition in the low-margin hardware industry.
Profit excluding some items will be 50 cents a share to 53 cents a share in the current period, the Palo Alto company said Thursday. Analysts on average projected 53 cents.
Despite 10 percent sales growth in the fiscal fourth quarter, HP is facing tougher competition while worldwide PC demand remains stagnant. Lenovo Group seized HP’s global sales crown in the third quarter, according to Gartner Inc., though the company has invested in making more upscale and desirable machines.