Did HP split plan affect earnings? Stay tuned

Hewlett-Packard is set to report the fourth-quarter earnings after the bell Tuesday. It's HPQ's first earnings report since the company announced its split in the beginning of October, separating its printing and PC division from the hardware and services division to give managers more focus to improve performance.

Whether the announcement of the split hurt or helped propel earnings remains to be seen at the moment.

Read MoreWhat HP's Whitman Is Telling Analysts About the Split

An employee selects an HP laserjet printer cartridge, by Hewlett-Packard Co.
Simon Dawson | Bloomberg | Getty Images
An employee selects an HP laserjet printer cartridge, by Hewlett-Packard Co.

Some analysts, including Daniel Ives, senior analyst and managing director at FBR Capital Markets, say growth drivers this quarter are expected from its cloud and big data businesses.

"Legacy areas on the PC and printer business remain a major overhang on the company's growth prospects," Ives said.

Brent Bracelin, senior analyst at Pacific Crest Securities, offered a different view. "We expect to see continued growth across the PC segment and further operating margin improvement across printing," he said.

Ives said the Street is focused on synergies around the breakup, enterprise strategy, and what areas HP could be looking to buy to boost growth prospects and product strategy.

"The proposed plan to separate Hewlett-Packard into two publicly traded stocks in late 2015 provides a clear path to further unlocking shareholder value," Bracelin said.

"The breakup announcement is the first step. Now, investors want more clarity around the next steps going forward for this new reshuffled management team to steer Hewlett-Packard back to greener pastures, although this remains an Everest-like challenge in our opinion," Ives said.

The Street is expecting earnings per share of $1.06. HPQ shares are up 34 percent this year.

Disclosure: Neither Daniel Ives or Brent Bracelin owns shares of Hewlett-Packard.