HP, Dell's weak forecasts spark share selloff, doubts over PC market recovery
Dell tumbled 11%, with the company set to shed about $11 billion from its $99.50 billion market value, after it forecast quarterly revenue below estimates. HP dropped about 5% and its market capitalization was set to shrink by nearly $2 billion, from $37.68 billion on Tuesday, following a quarterly profit projection that was short of analysts' view. The expected computer upgrade cycle due to Microsoft ending support for Windows 10 and transitioning to Windows 11 has been slower than anticipated.