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HP stock slides, but Whitman pleased with revamp

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Shares of Hewlett-Packard took a beating Wednesday, a day after the company's revenue disappointment, but CEO Meg Whitman told CNBC she is pleased with HP's turnaround overall.

"When you think of from whence this company came 3½ years ago, I think we've made remarkable progress," she said in a "Squawk on the Street" interview Wednesday.

On Tuesday, Hewlett-Packard delivered quarterly earnings that surpassed analysts' expectations, but revenue came up short. The computing giant also forecast weak second-quarter results, citing currency headwinds.

The stock was down more than 9 percent on Wednesday morning.

The company expects revenue to be flat for the year. "While it is not what we aspire to, you remember 2½, three years ago, we were declining 7 percent a quarter, 6 percent a quarter."

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If Hewlett-Packard were to remain as one company, Whitman said she would expect it to grow. She said HP is on track to complete its separation of its legacy computer and printer business and its enterprise segments, which include cloud technology and servers.

Whitman told CNBC its server business, which grew 9 percent in constant currency, was perhaps its biggest turnaround story in the last few years.

Data storage has also been a winning segment for HP, she said, but the first quarter was not a good period for its networking business.

She blamed "execution issues" in the United States and China for the networking weakness. HP has changed out its China leadership team and will make changes to U.S. sales force incentives, she said.

—CNBC's Karma Allen contributed to this report.

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