As it prepares to split into two separate companies later this year, HP reported flat or declining revenue across its business units on Tuesday, sending shares sliding in after-hours trading. Though company executives blamed much of the bad news on exchange rates, CEO Meg Whitman acknowledged that poor execution contributed to sharp revenue declines in HP's networking business.

HP shares were down as much as 7 percent in after hours trading on Tuesday.

For the quarter ended Jan. 31, HP revenue was $26.8 billion, down 5 percent from year prior. Quarterly net income of $1.4 billion for adjusted earnings of 92 cents per share was in-line with analyst expectations, according to Thompson Reuters.

For fiscal 2015, HP projects profits of $3.53 to $3.73 per share, well below analyst expectations of $3.95.

Executives said that HP, which derives 65 percent of its revenue from outside the U.S., had taken a competitive pricing hit on the rising dollar. But currency woes didn't explain the sharp 11 percent decline in networking revenues.

"In networking, results were disappointing," Whitman said on a call with investors Tuesday, citing "execution issues" in the U.S. and China. Whitman added that HP had made leadership changes in China, and planned to revamp its sales incentives in the U.S. to address the challenges.

Just last week, HP launched a line of white box switches targeting massive web scale data centers. Whitman said the white box line is intended to target a market segment complementary to HP's more traditional networking products.

"Networking is a very important business to HP," Whitman said. "A rougher-than-expected quarter in networking doesn't deter us. We just know we have to make improvements there."