Hewlett-Packard (HP), the world's largest personal computer seller, on Wednesday posted a drop of 13 percent in latest quarterly profit, which still matched expectations after being adjusted.

The company earned US$1.9 billion or 75 cents per share in 2009 first fiscal quarter ended on January 31, compared with US$2.1 billion or 80 cents the same period a year ago.

Excluding purchase-related costs, earnings per share was 93 cents, up 8 percent from previous year and met analysts' estimates.

Its sales edged up 1 percent from a year earlier to US$28.8 billion, falling short of analysts' expectation of US$32 billion.

Mark Hurd, HP's chief executive officer, claimed the company is "executing well in a tough market."

"Our market strength, disciplined cost management and diverse portfolio allowed us to differentiate HP in the global marketplace and gain share in key markets," Hurd said in a statement.

However, anticipating the persistence of current tough market conditions, the company is lowering its profit and sales forecasts for the second quarter and the whole year.

HP said it estimates a drop of 2 percent to 3 percent in sales in the second quarter, with the sales in the full 2009 fiscal year expected to decline about 2 percent to 5 percent.

(Xinhua News Agency February 19, 2009)