The Silicon valley company reported net income of $1.47 billion for the fiscal first quarter, or 73 a share, down from $2.6 billion, or $1.17 cents a share, a year earlier.

Excluding items, HP earned 92 a share, higher than the average analyst estimate of 87 cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 7 percent to $30 billion, slightly lower than Wall Street's estimate.

HP saw sales declines in three of its key units - PC, printers and enterprise equipment.

The company's shares slipped lower to around $28.77 in after-hours trading. They shed 1.39 percent in the regular session to close at $28.94 on the New York Stock Exchange.