HP's Whitman Says 'Growth Is Possible' in Brutal Tech Sector

Hewlett-Packard's multi-year effort to reshape its business has begun to bear fruit, CEO Meg Whitman told CNBC on Thursday, adding that growth was a possibility for the beleaguered computer giant.

At a time when most personal computer makers are being battered by the smartphone and tablet revolution, HP has seen its fortunes decline. On Wednesday, the company reported profit and revenue that tumbled sharply—albeit at a pace better than Wall Street had expected.

"We are embarked on a five-year turnaround journey, we're about 18 months into that journey, and I think we are right where we thought we would be," Whitman told CNBC's "Squawk on the Street" in an interview. "We feel good about where we are."

Amid HP's effort to emerge from a wrenching adjustment that saw PC sales plunge 14 percent in the first quarter, Whitman said that she believed "growth is possible in 2014."

The former eBay chief also said HP was being shaken by "huge tectonic plate shifts" that are reshaping technology. However, she added, "we've got declining businesses that powered the old style of IT. So we're in that knothole that one has to get through but I feel good about the grow prospects for 2014."

By CNBC's Javier David