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For much of the tech sector, the latest earnings season is in the books. But as always, there are still some comments that don’t follow the traditional calendar when it comes to telling Wall Street how business went. previous quarter

Three of those still awaiting their earnings reports are Dell Technologies (NYSE: DELL), which reports its fiscal second quarter results on August 25, and HP Inc. (NYSE: HPQ) and Hewlett Packard Enterprise (NYSE: HPE), both are scheduled to deliver their third-quarter fiscal reports on August 30. And according to some tech industry analysts, these three tech titans are likely to provide a glimpse into several issues hanging over the sector towards the end of the year.

According to Bernstein analyst Toni Sacconaghi, one of the top topics on investors’ minds right now is the health of the global PC market. And when it comes to PCs, Sacconaghi pulled no punches in describing a “tale of three markets” scenario for the industry.

Sacconaghi said those “markets” are affecting Chromebooks, weakness in the consumer segment and a business market he described as “expected.” Sacconaghi said HP ( HPQ ) is “more vulnerable” given its consumer exposure to the consumer PC market.

“We continue to see an increasing slowdown in consumer PCs,” Sacconaghi said, adding that global unit shipments in the second quarter of this year could be down by a double-digit percentage from a year ago. Sacconaghi also that the Chromebook market is “falling off a cliff” and fell by roughly 50% in the second quarter compared to the same period in 2021.

Sacconaghi, who has a market perform rating on shares of HP ( HPQ ), also cut his quarterly estimates for HP ( HPQ ) to a profit of $1.01 per share, on revenue of 15, $4 million, which was below the Wall Street consensus forecast for earnings of $1.05. a share, with revenue of $15.84 million.

As for Dell ( DELL ), Sacconaghi said he is “more confident” in the company’s ability to meet or exceed Wall Street expectations for its quarterly results. Sacconaghi said Dell ( DELL ) appears to be handling inventory issues well and is increasing its backlog in the infrastructure solutions group. [ISG]which includes servers, storage and networking products.

Sacconaghi outperforms Dell ( DELL ) stock and estimates the company will report a profit of $1.72 per share on revenue of $26.8 million in the second quarter, beating forecasts for consensus of $1.64 per share on profit of $26.5 million. in income

Sacconaghi maintains the same sentiment about Hewlett Packard Enterprise ( HPE ) as he does about Dell ( DELL ), as the enterprise IT company has also increased its inventory levels over the past three months, in a sign that component supply chains they have improved

“Performance for the quarter will be largely driven by execution,” Sacconaghi said, adding that the company said at its HPE Discover event in late June that it is seeing “very, very strong” demand. Sacconaghi also said that HPE ( HPE ) is in a good position for its position in the enterprise end market and has no exposure to consumer products such as PCS.

Sacconaghi outperforms shares of HPE ( HPE ) and estimates it will earn 49 cents per share on revenue of $6.94 million in the third quarter, compared with analysts’ consensus estimates for a profit of 44 cents per share on sales of $6.96 million. .

Along with Sacconaghi’s view on the major IT companies, Wells Fargo analyst Aaron Rakers had a cautious view on HP ( HPQ ) ahead of its results. Rakers downgraded HP ( HPQ ) to underperform, largely in anticipation of weaker demand in the PC market.