HP's fourth-quarter sales were light relative to expectations as personal systems revenue fell 8% from a year ago. HP's results are closely watched for signs of a PC recovery.

The company reported fourth-quarter earnings of 97 cents a share, or 90 cents a share non-GAAP, on revenue of $13.8 billion, down 6.5% from a year ago.

Wall Street expected HP to report revenue of $13.86 billion with non-GAAP earnings of 90 cents a share.

For fiscal 2023, HP reported earnings of $3.26 a share on revenue of $53.7 billion, down 14.6% from a year ago. Non-GAAP earnings were $3.28 a share for fiscal 2023.

HP CEO Enrique Lores said 2023 was "a year of steady progress" in a tough market.

By unit, HP's personal systems division reported revenue of $9.4 billion, down 8% from a year ago. Consumer revenue was down 1% with commercial systems sales falling 11%. Printing revenue was $4.4 billion, down 3% from a year ago.

As for the outlook, HP projected first quarter non-GAAP earnings of 76 cents a share to 86 cents a share. For fiscal 2024, HP is projecting non-GAAP earnings of $3.25 a share to $3.65 a share.

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