Hewlett-Packard expects to save an additional $1 billion in annual costs and meet Wall Street's financial projections for the second half of its fiscal year, the company said at financial analysts meeting in New York Tuesday.

HP's chief Carly Fiorina said she is comfortable with Wall Street estimates that HP will earn 62 cents a share in the second half of its fiscal year, which ends in October, and generate estimated revenue of $36.6 billion, up 6 percent from a year earlier. HP's revenue fell 5 percent in the first half of the fiscal year.

Fiorina said HP wasn't assuming the economy would pick up but rather that it would continue to shave costs and gain market share from its rivals.

Some critics have said HP needs to start showing revenue gains, but Fiorina said HP is growing revenue faster than its rivals in a tough economic climate. When tech spending picks up, Fiorina said it would grow at only twice the growth rate of the gross domestic product, not at five times GDP as it did during the tech bubble.

HP also said it would enter new markets such as thin clients, which are limited computers that don't have hard disk drives and store their programs on a centralized server. Such machines could help lower customer computing costs.