Hewlett Packard (HP) continued to suffer from a slow-down in technology spending according to its third-quarter results.

The company generated $16.5 billion for the quarter ending July 31, compared to revenue of $18.6 billion in the same quarter a year ago.

The results are HP's first since completing its acquisition of Compaq in May. The results reflect the combined companies' earnings.

In the period, HP took a $1.6 billion charge for restructuring, a $735 million charge for research and development, a $322 million charge for merger-related retention and a $340 million charge for other merger-related items.

Carly Fiorina, chairman and chief executive officer at HP, said: "Frankly, the good news is that there have not been many surprises. We are executing in a workman-like and disciplined way.

"We would all like the economies around the world to be better, but one of these days they will come back."

The company has reduced its workforce by 4,740 employees and said it remains on track to make 10,000 job cuts by the end of its fiscal year.