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Technology giant HP reported a 14-percent drop in GAAP operating profit in the third quarter of fiscal year 2009, ended July 31, when compared to its third-quarter profit in the previous year. The company's revenues increased in the Americas but decreased in other international markets, according to an HP statement.

HP's GAAP operating profit in 3Q 2009 was $2.2 billion or $0.67 GAAP earnings per share - down from $0.80 one year ago. Its operating cash flow for the quarter was $3.9 billion, or 15 percent up from the previous year. The company's net revenue for the quarter was $27.5 billion - two percent down from the same period last year.

HP reported a record profit from its Services division: $1.3 billion. The division includes Infrastructure Technology Outsourcing, Technology Services, Application Services and Business Process Outsourcing. In May of last year, HP acquired IT outsourcing services provider Electronic Data Systems for $13.9 billion and the company primarily attributes the Services division's revenue increase to the acquisition.

The company's Enterprise Storage and Servers division reported net revenue of $3.7 billion in 3Q, down 23 percent from one year ago. Revenues from industry standard servers and storage equipment sales declined 21 percent each. Business Critical Systems revenue declined 30 percent and ESS blade revenue declined 14 percent.

HP Software revenue was down 22 percent and Business Technology Optimization revenue declined 22 percent. Revenue from other software sales declined 23 percent. Personal Systems Group revenue declined as well: 18 percent down to $8.4 billion. Revenue from notebook sales was down 10 percent, while desktop computer sales revenue declined 26 percent. Revenues from computer sales were down for both commercial and consumer clients.