Hewlett-Packard Co. sees acquisitions as part of the No. 1 PC maker's future and it could do deals up to $1.5 billion, Chief Executive Meg Whitman told cable network CNBC.

"We have our eye on a number of areas," the executive said, also noting that the company could do deals in the $100 million to $300 million range. Whitman was speaking the day after HP reported disappointing quarterly results and curtailed its outlook for 2014.