While the manufacturer's fourth-quarter net profit declined to $2.11bn from $2.17bn, revenue was boosted thanks to the acquisition of Electronic Data Systems earlier this year.

IPG revenue dipped narrowly to the $7.5bn mark, while revenue within the group's supplies arm increased 9%.

Revenue in the commercial hardware operation declined 10% with shipments of commercial printer hardware units down 9%.

Operating profit for the IPG stood at $1.2bn – 15.5% of the group's revenue – this compared to $1.1bn the year previous.

Mark Hurd, chairman and chief executive of HP, said: "HP capped off a strong year by delivering another solid quarter led by strength in our services segment and disciplined expense management."

He added: "Our global reach, broad portfolio, numerous cost initiatives and consistent execution differentiate HP in the current economic environment".

Earlier this year, HP's IPG recorded 3% year-on-year growth to the $7bn mark in its third quarter results for the period ending 31 July.