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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."
Last fall, the computing giant announced it would split into two separately listed firms—one company focusing on computers and printers under the name HP Inc., and another prioritizing corporate hardware and services operations under the name Hewlett-Packard Enterprise.
Last quarter, HP said the split would make it more "customer focused" and allow for more progress. The move is expected to happen this year, but many details remain unknown.
HP also said it would take a $1.3 billion separation charge.
"There had been a hope on the Street sort of going into the separation that there would be a revaluation in term of the P/E multiple because of you'd have these two separate businesses, but obviously right now given the current operation condition and given the outlook as far as these costs are concerned, look for these shares to pull back," said David Garrity of G-V-A research.
"If we're looking at a split up that's going to be coming nine months out … why catch a falling knife? Why not just take some profits, move to the sidelines, there may be better names," he said while speaking on CNBC's Closing Bell.
In November, HP CEO Meg Whitman said 41,000 employees left the company during fiscal year 2014, bringing the employee count to 275,000. She noted that the company needed to "double down" on innovation and said she expects the turnaround to "accelerate" in 2015.
HP posted a surprise beat on PC revenue last quarter as notebook sales rose 8 percent.
CNBC's Michelle Fox contributed to this report.