Sales of its commercial print equipment fell 38%, while consumer print units also dropped – by 14%. Operating profit within IPG came in at $1.2bn, equivalent to 18.1% of revenue.

HP's revenues stood at $30.8bn with GAAP diluted net earnings per share of $0.99, compared with $0.84 in the same period last year.

Mark Hurd, chairman and chief executive, said: "HP’s solid performance in Services drove record profit and the accelerated pace in signings creates strong momentum going into 2010.

"Our operational execution and improving cost structure generated strong quarterly and year-end results. We expect to outperform the market due to our significant scale, broad portfolio and market-leading position."

Net revenues for HP's full fiscal year 2009 were $114.6bn, which represents a 3% drop compared with the same period a year earlier. The company reaffirmed its first quarter and full year guidance for 2010, anticipating revenues of between $29.6bn to $29.9bn for Q1.

HP shares rose slightly on the news, opening on Monday at $51.02 on Friday's close of $50.04.