HP said its $12.25 billion in revenue represented a nearly 12 percent decline from $13.86 billion in the comparable year-ago period. Similarly, the company said its earnings fell 12 percent from 41 cents per share during the first quarter of fiscal 2015.
Looking ahead, the company said it expects fiscal second-quarter adjusted earnings between 35 and 40 cents per share. That compares to Wall Street's average expectation of 39 cents.
Although the company saw cash flow for the quarter below its expectations, Dion Weisler, HP's president and CEO, said on the company's earnings call that it has "taken immediate actions to stay on track to deliver our full year commitment."
"We have a clear strategy that leverages our strengths, and we are focused on execution, taking cost out of the business and delivering innovations that will amaze our customers and partners," Weisler said in a release. "Although we have some tough quarters ahead, I am confident in the future."
Revenue for the printing segment of the company came in at $4.64 billion in the quarter. Analysts had on average expected $4.84 billion, according to StreetAccount.
Personal systems, meanwhile, brought in $7.47 billion in revenue, compared to an anticipated $7.57 billion, according to StreetAccount.