Dell Technologies Inc joined rivals in predicting a slowdown as runaway inflation and the darkening economic outlook prompt consumers and businesses to tighten their purse strings, sending its shares down 8% in extended trading on Thursday.

Industry majors from Intel Corp (NASDAQ:INTC) to Lenovo Group (OTC:LNVGY) have warned of a slump in the personal computer market after a two-year boom during the pandemic, with research firm Gartner (NYSE:IT) estimating shipments would drop 9.5% in 2022.While Dell's enterprise-focused business has somewhat made up for the PC slowdown, company executives were cautious about the outlook for the unit that generates nearly half its revenue.

"There's caution around future hiring, trade-offs within their IT budgets given the macroeconomic uncertainty, customers reducing the size of orders and buying for only immediate requirements," co-Chief Operating Officer Chuck Whitten said on a post-earnings call.

The company expects third-quarter revenue between $23.8 billion and $25 billion, below the $26.34 billion estimated by analysts, according to Refinitiv data.

Revenue growth in the second quarter was the slowest in more than one and a half years as the company also took a hit from a surge in the dollar and COVID-19 flare-ups in China - its second-largest market.