HP suffered a 6 percent fall in first quarter revenue, but it beat Wall Street expectations with its shares subsequently shooting up 5 percent.
For the first quarter of its fiscal 2012, HP 's revenue dropped 6 percent to $US28.4 billion ($A27.5 billion).
Analysts had expected HP to record revenue of $US27.8 billion in the December quarter. The company's stock rose 5 percent, from a close of $US17.10 on Nasdaq, in after-market trade.
Net profit also fell 12 percent to $US1.6 billion.
Revenue at HP's personal systems division fell 8 percent, enterprise sales slid 4 percent, printing revenue was down 5 percent, enterprise services sales fell 7 percent, and software revenue was down 2 percent. HP's financial services division saw 1 percent growth.
Chief Executive Meg Whitman, who took the helm over a year ago, has plunged HP into a years-long turnaround to recapture some of the Silicon Valley icon's former growth trajectory.
She said the company's efforts at recovery is gaining traction but acknowledged "there's still a lot of work to do to generate the kind of growth we want to see."
"Our primary focus is to deliver on the full year outlook, and I feel good about the rest of the year," she said. "We'll be bringing a number of new programs and disruptive innovations to market in the coming quarters, and we expect the benefits from our restructuring will accelerate through fiscal 2013."
With Reuters
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