Hewlett Packard Enterprise Co (NYSE:HPE) has raised its full year profit forecast after first quarter results beat expectations, boosted by sales of personal computers and printers.
Shares in the company rose almost 8% in early US trading to US$17.80 each.
HP said it expects 2018 earnings per share of US1.90 to US$2.00, compared to a previous estimate of US$1.75 to US$1.85. Analysts had expected earnings of US$1.81 per share.
Revenue gained 14.5% to US$14.5bn in the first quarter to January 31, ahead of market forecasts of US$13.5bn.
Growth was driven a strong performance in the personal systems business, which accounts for nearly two-thirds of total revenue.
The group continued to grow market share of PCs despite a slowdown in the sector after taking over the top spot from Lenovo Group Ltd last year, research firm Gartner Inc revealed.
Net earnings rose to US$1.94bn, or US$1.16 per share, in the quarter, from US$611mln, or 36 cents per share, a year earlier.
A one-time gain of US$1.03mln stemming from new US tax laws contributed to the increase in quarterly earnings.
Excluding items, earnings came to 48 cents a share, exceeding analysts’ expectations of 42 cents.