The company also lowered its guidance.
PALO ALTO, Calif. (TheStreet) -- HP's(:HPQ) revenue trailed Wall Street analysts' consensus forecast in the third quarter, weighed down by declining PC and printing sales.
The tech giant brought in sales of $29.7 billion, down from $31.2 billion in the prior year's quarter, and below analysts' forecast of $30.1 billion.
Excluding items, HP earned $1 a share, in line with its pre-announcement earlier this month, but down from $1.10 a share a year earlier.
HP lowered its guidance. For fiscal 2012, the company now expects earnings of $4.05 to $4.07 a share, at the low end of its previously provided outlook.
Revenue from HP's Personal Systems Group (PSG) declined 10% in the third quarter, while Imaging and Printing Group (IPG) revenue was down 3%. Services revenue slipped 3%, while Enterprise Servers Storage and Networking (ESSN) dropped 4%.
Software revenue, however, jumped 18%.
"HP is still in the early stages of a multi-year turnaround, and we're making decent progress despite the headwinds," CEO Meg Whitman said in a statement released after the market close. "During the quarter we took important steps to focus on strategic priorities, manage costs, drive needed organizational change, and improve the balance sheet. We continue to deliver on what we say we will do."
The Palo Alto, Calif.-based firm released its report following rival Dell's(:DELL) underwhelming second-quarter results, released after the market close Tuesday.
HP shares rose 2.03% to $19.59 in extended trading on Wednesday.
--Written by James Rogers in New York.
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