Lesjak said the cuts have been mostly in the printing group, where HP axed some "favorite science projects,"and in the storage and servers group. HP is having to invest less in its proprietary server hardware as it moves toward selling exclusively Intel- and AMD-based servers.

HP earned just over two-thirds of its revenue in the quarter from outside the U.S. Revenue from the BRIC countries -- Brazil, Russia, India and China -- grew fastest, climbing 23 percent from the year before, to account for 9 percent of the total, or about $3 billion, HP said.

For the current quarter, HP expects revenue of between $32 billion and $32.5 billion, with earnings per share of $0.80 to $0.82 on the basis of generally accepted accounting principles. For the full year it expects revenue between $127.5 billion and $130 billion, and GAAP earnings per share between $3.38 and $3.53.

HP's shares have jumped about 22 percent since it issued the preliminary results last week. They ended regular trading hours Monday at $35.70, but slipped back about 1 percent after-hours following the final earnings report.