Hewlett Packard delivered quarterly earnings that surpassed analysts' expectations on Tuesday, but revenue came in light of expectations. The computing giant also forecast weak second-quarter results, citing currency headwinds.
After the earnings announcement, the company's shares fell 6 percent in after-hours trading.
The company posted first-quarter earnings of 92 cents per share, up 2 percent from a year ago. Revenue decreased to $26.84, down 5 percent from a year ago, as commercial sales fell 1 percent, while consumer revenue rose 2 percent.
The company said it overcame currency headwinds during the first quarter, but it forecast disappointing second-quarter profit as it battles with the impact of a stronger dollar.
HP expects second-quarter earnings to fall in the range of 84 cents to 88 cents per share, well below Wall Street's forecasts for 96 cents a share, according to a consensus estimate from Thomson Reuters.
"While we were able to manage the impact of currency in the quarter and deliver earnings as expected, we believe the impact on FY15 will be significantly greater than we anticipated in November," HP CEO Meg Whitman said. "We'll work hard to offset these impacts through re-pricing and productivity, but fully mitigating currency movements of this size would require reducing investments and mortgaging our future. We won't do that."