The stock price of Computer and printer company Hewlett-Packard Co. dropped more than 7% on NYSE in early trading hours on Thursday, as the company reported decline in nearly all of its major business areas and gave a forecast below analysts' expectations.

Late Wednesday, Tech giant declared its first quarter results, in which the company has registered 13% drop in net profit. However, the company posted 1% surge in its revenue to $28.8 billion from $28.47 billion in the prior year's first quarter.

California-headquartered Hewlett Packard earned $1.85 billion, or 75 cents a share, for the three months ended Jan. 31, compared with a profit of $2.11 billion, or 80 cents a share, during the year-earlier first quarter. After declaration of results, the company said during press conference that it expects the previous quarter's weak market conditions to remain continue in coming months, and in addition the exchange rates would continue to hurt company's revenue. But despite the quarter's results, Chief Executive Mark Hurd looks confident about HP's opportunities, during the announcement.

It may be noted that market analysts consider Hewlett Packard as a relatively safe technology firm due to its broad portfolio of products that range from netbook PCs to computer servers to high-end graphic printers.

At 9:35 am, the scrip of the company was trading at $31.98, down 7.12 per cent compared to previous close of $ 34.08. The equity shares of HP had made 52-week-high and low of $50 and $28 respectively.