HP CEO Enrique Lores is betting a sprinkle of AI dust can regenerate the flagging PC market — and with shipments still in decline across the industry, he can’t afford to tease Wall Street. From a report:

The world’s second largest seller of desktop computing hardware has reported a 15 percent year-on-year decline in revenue to $53.7 billion for fiscal 2023 ended 31 October. Profit before tax was $2.93 billion versus $4.32 billion in the prior year.

[…] Orders picked up in recent months. Analyst data indicates the rate of decline is slowing after resellers began clearing inventory they’d amassed in the latter stage of the pandemic, when the frenzied buying patterns seen in prior years vanished. For Q4, HP reported revenue of $13.8 billion, down 6.5 percent year-on-year. Personal Systems was down 8 percent to $9.4 billion and Printing was down 3 percent to $4.4 billion. Profit before tax was $852 million, better than the $647 million brought in a year earlier, helped by a reduction in structural costs. HP expects business PC refresh cycles to kick in next year, with more corporate customers shifting their estate to Windows 11 — yet it is the advent of the AI PC that Lores thinks signal better times.