HP earnings: 87 cents a share, beating Street by 2 cents

Tech behemoth Hewlett-Packard reported mixed quarterly earnings on Thursday as sales slid 7 percent from the year-earlier period.

The company posted fiscal second-quarter earnings of 87 cents per share as revenue fell to $25.45 billion from $27.31 billion a year ago. Shares rose more than 1 percent in extended trading.

Wall Street had expected the company to deliver quarterly earnings per share of 85 cents on $25.64 billion in revenue, according to consensus estimates from Thomson Reuters.

HP added that its planned separation into two independent, publicly traded companies is on schedule for November. HP will separate its legacy computer and printing business from its enterprise computing segment.

"HP is becoming stronger as we head into the second half of our fiscal year and separation in November," said HP CEO Meg Whitman in a release.

Hewlett-Packard
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The two companies will be called HP Inc. and Hewlett-Packard Enterprise. HP expects at least $400 million in dis-synergies from the split.

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Personal systems revenue—the company's biggest segment, which includes computer hardware—dropped 5 percent year-over-year to $7.74 billion.

Notebook sales soared 19 percent, but desktop sales fell 14 percent. Revenue in HP's printing segment also slid 7 percent from the year-earlier period to $5.45 billion.

During Whitman's tenure, the company has dealt with a consumer shift away from traditional computer hardware and put some focus on building its enterprise and cloud segments.

"I'm pleased with where we ended the quarter, the continued success of our turnaround, and the progress we're making on separation," Whitman said in the release.

Revenue in HP's enterprise group dropped 1 percent year-over-year to $6.56 billion. Storage and networking sales were down 8 and 16 percent, respectively.

Enterprise services revenue was 16 percent lower than the year-earlier period.

Year to date, HP's stock has fallen nearly 16 percent, with much of the drop coming after its fiscal first-quarter earnings report in which it disappointed on revenue.

HP recently announced that it was selling a 51 percent stake in Chinese business H3C to Tsinghua Unigroup. H3C provides IT products and services.

HP is still engulfed in legal difficulties linked to its 2011 acquisition of software company Autonomy. HP had previously sued former Autonomy executives for accounting irregularities.

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—CNBC's Nana Sidibe contributed reporting.