HP reported a 16 percent drop in profits for the last quarter as PC and printer sales are hit by slowing consumer demand.

Total revenue fell by 6 percent to $28.4 billion, with the last quarter representing the sixth quarter of consecutive declines in revenue.

HP has moved to undertake cost-cutting measures, with earnings for the next quarter up on analyst expectations.

CEO Meg Whitman said: “"While there's still a lot of work to do to generate the kind of growth we want to see, our turnaround is starting to gain traction as a result of the actions we took in 2012 to lay the foundation for HP's future".