Hewlett-Packard Co reported worse-than-expected quarterly revenues and issued an earnings forecast for the current quarter that was below Wall Street's expectations.

The technology bellwether said on Wednesday its net profit for its fiscal first quarter ended January 31 fell to $1.85 billion, or 75 cents a share, from $2.13 billion, or 80 cents a share, in the year-ago period.

Excluding items, HP earned 93 cents a share, matching average analyst estimates, according to Reuters Estimates.

Revenue rose 1 percent to $28.8 billion, below the $31.9 billion Wall Street estimate.

For the current quarter, HP expects a profit of 84 cents to 86 cents a share from continuing operations, on a revenue decline of 2 to 3 percent from a year ago. That compares with the average Wall Street forecast for earnings of 90 cents a share on revenue of $31 billion.

Shares of HP, a Dow component, are down around 20 percent from a year ago. The stock fell to $33.80 in extended trading from its New York Stock Exchange close of $34.08.

(Reporting by Gabriel Madway; editing by Richard Chang.)