The US-based giant posted a 6% year-on-year decline in Q1 revenues to US$28.4 billion ($27.8 billion), while net income fell 16% to US$1.2 billion and commercial printer revenue fell 9% to $1.3 billion.

Whitman told a media presentation: "The turnaround is on track, and we did better than we expected that we would. The patient showed some signs of improvement, and I think we should be encouraged."

[Related: HP turnaround could take five years]

Whitman also denied speculation that HP was looking to spin off its printing or services divisions in order to maximise shareholder value.

"We have no plans to break up the company. I feel quite strongly that we are better and stronger together," she said.

Whitman made little mention of Autonomy, the UK software company that was acquired before she came on board. Late last year, HP took an US$8.8 billion write-down tied to the purchase amid allegations that Autonomy's management had inflated sales numbers before the acquisition.

"Our Autonomy business has begun to stabilise, but it is still a work in progress and will take time to get back on track," she said..

This article originally appeared at printweek.com

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