HP experienced a 9% profit decline during this year’s first quarter, but the company clarifies that it wasn’t due to netbooks cannibalizing sales of their traditional notebook computers. Instead, HP CEO Mark Hurd blamed the global economic recession as one of the main culprits, as well as the broadening of available products that the company is offering. As a result of this profit decline, the company will enfore salary cuts on all Executive Council members and even its own Chief Executive, but this is done in order to let the company “emerge from this recession in a powerful position to create value for our customers, employees and shareholders over the long term and be in a better position to fund 2009 bonus programs,” according to a follow-up company statement regarding the matter. Read more notes on the company’s recent conference call over at CNET.

Via CNET