Hewlett-Packard's earnings and sales slipped last quarter as the company struggled to meet Wall Street's expectations.
HP earned $2 billion, or $1 per share, in the fiscal third quarter that ended in July. That was a 9% decline from the same period a year ago. Sales fell 5% over the year to $29.7 billion.
Analysts polled by Thomson Reuters expected the company to earn 98 cents per share on sales of $30.1 billion.
The mixed results sent HP's stock on a bit of a roller-coaster ride. Shares of HP ( initially jumped 4% in after-hours trading, quickly reversed to fall 1%, and were up 1.4% at around 4:30 p.m. ET. )
The Palo Alto, Calif., company, which is the world's No. 1 PC maker, also cut its earnings outlook for the full fiscal year to a range of $4.05 to $4.07 per share.
The past year has been tumultuous for HP. New-ish CEO Meg Whitman is trying to refocus the company after taking the helm from Leo Apotheker -- who planned to exit the company's PC business, frequently cut financial estimates, and was subsequently fired.
Whitman addressed her uphill battle in prepared remarks: "HP is still in the early stages of a multi-year turnaround, and we're making decent progress despite the headwinds."
Last quarter, the company announced a widely expected plan to cut 27,000 jobs as part of a major restructuring. Those layoffs are expected to save $3 billion to $3.5 billion by the end of 2014, money the company plans to spend on research and development.
HP rival Dell ( reported disappointing quarterly results on Tuesday. )Dell beat earnings estimates, but investors sent shares more than 5% lower on light sales and a lowered outlook for the current quarter.