Revenue from HP's Personal Systems Group climbed 10 percent to $11.2 billion, with unit shipments up 19 percent. A 21 percent jump in notebook sales offset a 2 percent decline in HP's desktop PC business.

Revenue from its Imaging and Printing group declined 1 percent to $7.5 billion. Sales of printer ink and other supplies climbed 9 percent, but sales of actual printer hardware declined by 21 percent to consumers and 10 percent to businesses.

That decline isn't necessarily bad for HP so long as it doesn't lose market share, Hurd said. That's because HP makes more money from printer supplies than it does from the machines themselves. "The main thing is that people continue to print on HP printers," even if they delay buying new printers for a while, said HP CFO Cathie Lesjak.

The Enterprise Storage and Servers division also reported a slight dip in revenue, falling 1 percent to $5.1 billion. HP's storage gear and blade servers sold well, but revenue from industry-standard and high-end servers declined, HP said.

Revenue from the services division almost doubled to $8.6 billion, mostly from the EDS buyout, while revenue from software increased 13 percent to $885 million.