Hewlett-Packard continues to be one of the companies hit hardest by the slowdown in technology spending.

The vendor announced lagging results for its third quarter, ending July 31, 2001. It cites poor demand for consumer products worldwide as the main reason for the slow quarter.

HP reported fiscal third-quarter revenue of $10.1 billion, a 14 per cent decrease over last year's third-quarter revenue of $11.8 billion. The company also saw earnings decline drastically, posting $111 million in earnings, including gains derived from paying off debt early, compared to $1.04 billion in the same period last year, an 89 per cent decrease.

Printing money The company continued to struggle in several parts of its business, particularly consumer products sales, said Carly Fiorina, HP's chairman and CEO. The company's server and printer lines were also hit hard.

Fiorina said: "It is fair to say that we didn't see any signs of improvement in the market before 2002. We intend to stay the course in these difficult times, and focus on what we can control."

HP saw revenue decline in every region from the same quarter last year, Bob Wayman, HP's executive vice president and chief financial officer, said. He added: "The slowdown has clearly become global in scope."