Hewlett-Packard ( HPQ) does not expect a massive uptick in demand for its products during the rest of 2009, according to CEO Mark Hurd. Hurd, who was speaking at the Morgan Stanley Technology Conference on Wednesday, said that he is not forecasting any improvement in demand from H-P's recent first quarter. "What we saw in Q1 is what we will see for the rest of the year," he told those at the San Francisco event. "If we hit those demand models, we will do fine on the bottom line." The tech giant, which recently lowered its 2009 revenue estimate, was seen as one of the few tech companies successfully withstanding the current financial storm but is now feeling the effects of the IT spending crunch. H-P has estimated that its revenue for fiscal 2009 will decline between 2% and 5% year over year to between $112.5 billion and $116 billion. The company's shares slipped 67 cents, or 2.34% to $27.98 in early trading Thursday, outpacing a broader decline in tech stocks that saw the Nasdaq dip 1.41%. Despite an increasingly tough economy, Hurd promised to keep the core of H-P's business intact. "We are not cutting our sales force, we had more engineers at the end of the quarter than we had last year at this time," he said. "We are investing into our services business, but we are very focused at getting cost out at every other turn." Hurd struck a similar tone during H-P's first-quarter conference call last month, underlining the scale of the challenge facing the tech sector.