HP has seen both revenues and profits fall during the last quarter, but despite that said: "business is stabilising".
The company saw profits for the three months to July 31st fall by $400,000 to $1.6bn, while revenue dropped by two per cent to $27.5bn. HP put the decline down to a fall in demand for PCs, software and printer supplies.
European revenues declined by 12 per cent, due to lower than average demand.
Revenues from its PC businesses were down 18 per cent to $8.4bn. Notebook sales were down 10 per cent, while desktops revenues declined 26 per cent.
"Business is stabilizing, and we are confident that HP will be an early beneficiary of an economic turnaround and will continue to outperform when conditions improve," claimed chairman and chief executive Mark Hurd claimed.