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."

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