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HP CEO on AI PCs and the Microsoft Windows refresh cycle

A few catalysts are coming into play for computer giant HP Inc. (HPQ): the AI PC and the Windows refresh cycle.

HP's fiscal second quarter stabilized a bit from a lackluster showing in the preceding quarter, the company reported Wednesday afternoon.

The company's sales increased in its personal systems segment due to commercial clients upgrading their computers ahead of Microsoft ending support for Windows 10 in October 2025.

HP CEO Enrique Lores told Yahoo Finance that the upgrade cycle fueled stronger-than-expected PC demand by businesses.

Companies are also upgrading units still in use from the pandemic.

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"The installed base has aged, and now people, both small companies and large companies, realize that they need to change that," Lores explained.

Sales and units of HP's personal computers fell in the quarter.

Printer sales continued to be a tough business amid pricing pressure from Japanese competitors such as Canon.

Sales of consumer printers declined 16%, with commercial sales off by 12%.

The coming AI PC could potentially brighten the earnings for companies like HP and rival Dell (DELL).

Earlier in May, HP unveiled its AI PCs, the HP OmniBook X AI and the HP EliteBook Ultra AI. Both computers have much faster processors to better handle AI-related applications such as Microsoft's (MSFT) Copilot features and OpenAI prompts.

Around the same time, Dell took the wraps off five new AI-centric computers.

Lores says about 10% of PCs sold in 2024 will be of the AI variety, ramping to 60% in three years.

"We continue to think HPQ remains well positioned to benefit from the PC upcycle, which should only accelerate in the second half and in FY25. While Print remains a drag, and Print EBIT margins are expected to be flat to down quarter over quarter in Q3, this should be somewhat offset by cost savings actions, sequential hardware growth in Q4, and upside from personal systems," said Evercore ISI analyst Amit Daryanani in a client note.

HP stock rose 3% in premarket trading on Thursday.

  • Net sales: $12.8 billion (-0.8% year over year) vs. $12.6 billion estimate

  • Personal systems sales: $8.4 billion (3% year over year) vs. $8.28 billion estimate

  • Printers sales: $4.4 billion (-8% year over year) vs. $4.38 billion estimate

  • Diluted EPS: $0.82 (+4% year over year) vs. $0.81 estimate (guidance: $0.76-$0.86)

  • Fiscal third quarter EPS guidance: $0.78 to $0.92 vs. $0.85 estimate

  • Full-year EPS guidance: $3.30 to $3.60 vs. $3.42 estimate (previous guidance: $3.25)

HP isn't the only tech giant entering a new era of AI. Listen below for what Amazon Web Services CEO Adam Selipsky said on the latest "Opening Bid" podcast about the company's plans for AI.

Brian Sozzi is Yahoo Finance's Executive Editor. He is also the host of the "Opening Bid" podcast. Follow Sozzi on Twitter/X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com. Are you a CEO and want to come on Yahoo Finance Live? Email Brian Sozzi.

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