Rob Enderle, an analyst with the Enderle Group, said some of HP's problems may stem from its lack of business focus. "Focused companies seem to be doing much better of late than those that are very diverse," he said. "HP's massive breadth makes it very hard to focus."

So, can HP reinvigorate its PC division and get back into a dominant position in the market?

Patrick Moorhead, an analyst with Moor Insights & Strategy, said the company can do it but the real question is if they want to put the effort into doing it.

The company has the ability to put out inventive and interesting products. Moorhead pointed to the fact that HP just launched some unique tablets in the market, which should give them a little lift in the Windows hybrid and convertible market.

How hard, though, do they want to keep pushing?