HP used the analyst day to expand on a restructuring plan announced in May to help turn around its finances. As part of the effort it will reduce the number of products it sells, including eliminating a quarter of its PC platforms and 30 percent of its printer models over the next two years.

It also offered a for its next fiscal year, saying it expects earnings per share of US$3.40 to $3.60. That was well below the consensus estimate of $4.18 from analysts polled by Thomson Reuters.

HP's shares plummeted on the news, falling almost 13 percent to $14.91 at the close of Wednesday trading.