Hewlett Packard profits drop 13%

Quarterly profits sank 13 per cent and revenue was up just one per cent, Hewlett-Packard reported Wednesday.

Even the technology company's cash-cow printer ink business took a hit because of the recession.

The Palo Alto, Calif.-based company said it earned $1.85 billion US in the three months that ended Jan. 31. That compares with profit of $2.13 billion US a year ago.

HP's sales of $28.8 billion fell short of Wall Street's forecast by more than $3 billion.

With files from the Associated Press