Hewlett-Packard (HP) has reported a dramatic fall in net earnings for the third quarter due to the global economic downturn.
For the period ended 31 July, net earnings totalled 76.7m ($111m), compared with 1.03bn last year.
Despite this, chairman and chief executive Carly Fiorina said HP expected to see sequential revenue growth in the fourth quarter due specifically to seasonal effects.
As outlined earlier in the year, the company has embarked on a workforce reduction programme, which will see the loss of some 6,000 jobs.
HP said the cuts would result in a restructuring charge of around 207m, but would effectively result in an annual saving of 345m.
Revenue for the quarter also slid by 14% to 7bn.
In HPs imaging and printing systems business sector, revenues fell 10% to 2.9bn. Results were hit by economic weakness in all regions and a continued decline in average selling prices.
HP directors said despite the downturn they had 100% support for Fiorina, who has been chief executive for two years.