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.)