Cartesian product of small objects

In $\mathbf{Grp}$, the finitely presentable objects are precisely the finitely presented groups. Let $F_2$ be the free group on two elements. Then $F_2 \times F_2$ is finitely generated but not finitely presented, so the class of finitely presentable objects in $\mathbf{Grp}$ is not closed under binary products.

A simpler counterexample is given by the slice category $S/\mathrm{Set}$ for a "large" (= of cardinality to be chosen later) set $S$. This category can be viewed as the category of models of an algebraic theory with one nullary operation for each element of $S$, so it is locally finitely presentable. Its initial object $S$ (equipped with the identity map) is of course finitely presentable, but $S \times S$ is a free object on the "large" set of pairs $\{\,(a, b) \mid a \in S, b \in S, a \ne b\,\}$. By choosing the cardinality $S$ large enough, we can then make $S \times S$ not only not finitely presentable, but not $\mu$-presentable for any fixed regular cardinal $\mu$.