Question-and-Answer Session
Operator
Thank you. [Operator Instructions] Your first question will come from the line of Richard Gardner of Citigroup.
Richard Gardner - Citigroup
Thank you for taking the question. Mark, the obvious question on everybody’s mind is whether you have seen any changes in demand out there related to the recent turmoil in the financial markets. So, I guess if you could give us your assessment of what demand looks like by geography and customer segment to the degree that you are willing. And then also, does your guidance for the fourth quarter reflect any change in the demand environment that you have seen here of late, given how far below normal seasonality you're guiding?
Mark Hurd - Chairman, Chief Executive Officer and President
I am not an economist, just so we get that on the record. We saw steady growth across all regions and all segments. So it was pretty broadbased from that perspective. I don't have any data that would indicate to me any material change in demand in any segments of any market. So I will just leave it at that. Obviously, we will continue to monitor things. But that is what we have seen. So I will leave it there.
Richard Gardner - Citigroup
Okay, thanks for it.
Operator
Your next question will come from the line of Ben Reitzes with UBS.
Ben Reitzes - UBS
Thanks, if you could just talk a little bit about, I guess? this is sort of in line with the demand question, but as we go into back-to-school and what not, in terms of IPG and PSG, what do your channel inventory levels look like? It looked like IPG is at the higher end of your ranges. And talk a little bit more about how comfortable you are going into back-to-school, particularly when the consumer is the particularly big area that picks up for you in the next quarter?
Cathie Lesjak - Executive Vice President and Chief Financial Officer
We are very comfortable with our channel inventory position. Our PSG channel inventory typically goes up from Q3 just to be ready for this kind of uptick in back-to-school. And we are ready for it. Our IPG inventory is at the higher end of our range but most of the increase was there in the supplies. So, that is really the product you don’t mind having out in the channel because you don’t want any opportunity to sock out. So, we are very comfortable with channel inventory.
- To read the full transcript on Seeking Alpha, click here »
