By Tess Stynes 

Hewlett-Packard Co. said its earnings for the January quarter fell 4% as the company's desktop computer sales slowed.

Shares fell 3.6% to $37.10 in recent after-hours trading as the company also disclosed the impact from the stronger dollar. The stock has gained 29% over the past 12 months through Tuesday's close.

For current quarter ending in April, the company forecast per-share earnings of 84 cents to 88 cents, which includes a currency impact of 9 cents a share. Analysts polled by Thomson Reuters estimated 96 cents a share.

Hewlett-Packard in October unveiled plans to separate its personal-computer and printer businesses from its corporate hardware and services operations, which has been billed as the growth engine. The company is expected to provide further details about the planned separation during its conference call.

The recent wave of breakups and spinoffs at technology companies and in the wider corporate world has been fueled by the idea that companies with a narrower focus perform better.

H-P also has been undergoing a multiyear restructuring in an effort to stem sales declines. The company has laid off tens of thousands of employees and cut other costs to support its bottom line.

For the fiscal first quarter ended Jan. 31, H-P reported a profit of $1.37 billion, or 73 cents a share, down from $1.43 billion, or 74 cents a share, a year earlier. Excluding certain items, per-share earnings rose to 92 cents from 90 cents. The company had guided for 89 cents to 93 cents a share

Revenue decreased 5% to $26.84 billion, below analysts' estimates of $27.34 billion.

Write to Tess Stynes at tess.stynes@wsj.com

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