Image source: HP.

Hewlett-Packard (NYSE:HPQ) just reported first-quarter results. In after-hours trading, HP shares dove sharply as the report hit the news wires, then climbed to a 1.1% after-hours gain as management explained the figures in a call with analysts.

Non-GAAP earnings climbed 10% year over year to $0.90 per share, above the top end of management's guidance for the quarter. Analysts would have settled for $0.84 per share. HP sales fell 1%, to $28.2 billion, again beating Wall Street's $27.2 target.

Management's earnings guidance for the next quarter fell just below the reigning Street view, but the full-year outlook matched analyst expectations.

Four of HP's six reportable divisions saw revenues falling year over year. The personal systems PC group reported a 4% gain, led by 8% higher corporate systems sales, but held back by 3% lower consumer sales. The product mix here shifted away from desktops and into notebooks.

"HP is in a stronger position today than we've been in quite some time," said HP CEO Meg Whitman. "At a time when many of our competitors are confronting new challenges, two years of turnaround work is setting us up for an exciting future."

Anders Bylund has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days.

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