Hewlett-Packard delivered quarterly earnings and revenue that fell short of analysts' expectations on Tuesday.

The computer maker posted fiscal fourth-quarter earnings of 93 cents per share and revenue of $25.7 billion, down around 9 percent from the previous year.

Wall Street expected Hewlett-Packard to announce quarterly earnings per share of 97 cents on $26.36 billion in revenue for the formerly combined company, according to consensus estimates from Thompson Reuters.

The company's revenue fell for the fifth straight quarter, hurt by lower PC sales and a slump in demand from businesses.

The computer maker split into two publicly traded companies this month in an effort to trim costs and compete in a fast-paced market. Now, HP (NYSE: HPQ) sells personal computers and printers, while Hewlett Packard Enterprise sells commercial computer systems, software and tech services. This was the last time both companies reported results as a combined entity.

HP stock was down more than 11 percent in early trading on Wednesday.

Both companies gave weak first-quarter guidance for the new year. HP projects first-quarter earnings per share in a range of 33 to 38 cents while analysts expect the company to hit 42 cents. Hewlett-Packard Enterprise estimates earnings per share within a range of 37 to 41 cents, also lower than analyst expectations of 43 cents.

Hewlett-Packard Enterprise CEO and HP Chairman Meg Whitman told CNBC there are no planned additional layoffs across both companies after the initial restructuring. In September, Hewlett-Packard announced the reorganization included layoffs for 25,000 to 30,000 employees, primarily in enterprise services. This move increased the share of the company's employees working overseas.

Managing director and senior analyst at FBR Capital Markets, Daniel Ives, said Hewlett-Packard Enterprise needs to dive into areas like the cloud, cyber security and big data, a move he believes is possible through acquisitions.

"These other large tech companies like HP, IBM, they're on the right lane of the highway going two miles per hour. Now they need to find what that growth engine's going to be," he told CNBC's "Closing Bell." "Now HP really has an opportunity here to put fuel in the tank in terms of [mergers and acquisitions]."

If the company doesn't go down that route, Ives said growth will be a "Mount Everest-like uphill battle" in terms of being a competitor in the hybrid cloud market.

"It's going to be a battle royal for the cloud," he added. "This is a window of opportunity."

Watch Hewlett-Packard CEO Meg Whitman in a CNBC exclusive on "Squawk on the Street" at 9 a.m. on Wednesday.

— Reuters and CNBC's Tom DiChristopher contributed to this report.

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