San Francisco, Nov 22 (IANS): Hewlett-Packard Co. (HP) has reported that its profit in the most recent quarter fell more than 90 percent with sales also declining.

In the company's fourth quarter of fiscal 2011 ended Oct 31, the company Monday posted net earnings of $239 million, compared with $2.54 billion in the same period a year earlier, reported Xinhua.

HP's net revenue for the quarter reached $32.1 billion, down 3 percent year-on-year.

Excluding one-time items, HP earned $1.17 per share, which topped estimates of analysts.

It was the first earnings report since Meg Whitman took over as chief executive officer (CEO) of the information technology giant Sep 22, replacing Leo Apotheker.

"HP has a great opportunity to build on our strong hardware, software, and services franchises with leading market positions, customer relationships, and intellectual property," Whitman said in a statement after the earnings announcement.

"We need to get back to the business fundamentals in fiscal 2012, including making prudent investments in the business and driving more consistent execution," she added.