After the bell on Wednesday, Hewlett-Packard Company is scheduled to report quarterly earnings, as investors fear the company will issue a decline in revenue due to weak demand in the PC market.
Hewlett-Packard Company (NYSE:HPQ) is forecast to report fiscal third quarter earnings of 62 cents per share on revenue of $27.3 billion, according to analysts polled by Reuters. The tech company reported a loss of $4.49 per share on revenue of $29.7 billion a year earlier.
Analysts polled by FactSet, on the other hand, expect the company to issue earnings per share of 86 cents on $27.3 billion in revenue. For the last quarter, HP earnings beat analyst expectations despite a drop in revenue.
Second quarter earnings season has so far spooked investors in the tech sector, after a series of corporate reports underscored concerns about slowing demand for the personal computer. Last week, Dell Inc. (NASDAQ:DELL) reported a 72 percent fall in quarterly earnings amid declining PC sales, and in July, Intel Corp. (NASDAQ:INTC) slashed its full-year revenue forecast after a slump in PC purchases.
As HP also struggles with slowing PC sales as more consumers shift to tablets and smartphones, investors will be looking to CEO Meg Whitman for improvements and restructuring in the third quarter.
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The tech giant will host a conference call at 5 p.m. Eastern on Wednesday after the market closes to discuss its third quarter earnings results.
On Wednesday, shares of Hewlett-Packard Company fell 1.32 percent to $25.50 in afternoon trade.
U.S. stocks were mixed on Wednesday, as investors weighed a series of earnings reports from Target Corporation (NYSE:TGT), Lowe's Companies Inc. (NYSE:LOW), American Eagle Outfitters (NYSE:AEO), Toll Brothers Inc (NYSE:TOL) and Staples Inc. (NASDAQ:SPLS) ahead of the Federal Reserve’s minutes, scheduled for release at 2 p.m. Eastern.
Other notable companies reporting earnings results after the bell on Wednesday include L Brands Inc (NYSE:LTD).
The Dow Jones industrial average fell 56.22 points, or 0.37 percent, at 14,946.77. The S&P 500 Index was down 5.52 points, or 0.33 percent, at 1,646.83. The Nasdaq Composite Index was down 8.77 points, or 0.24 percent, at 3,604.95.