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HP reports strong first quarter results

HP reports strong first quarter results

Revenue in HP's personal systems business rose nearly 15 percent to US$9.44 billion

HP, which houses the hardware business of former Hewlett-Packard Co, reported a better-than-expected revenue and profit in the first quarter as the company sold more personal computers and printers.

Shares of the company rose 8 percent to $23.11 after the bell on Thursday.

HP Inc's personal systems business, which accounts for nearly two-thirds of the company's total revenue, rose nearly 15 percent to $9.44 billion, beating the average analyst estimate of $8.50 billion.

Despite a shrinking PC market in the United States, the company continued to pick up market share, after toppling Lenovo Group last year from the top position globally, according to research firm Gartner.

Net earnings rose to $1.94 billion, or $1.16 per share, in the quarter ended Jan. 31, from $611 million, or 36 cents per share, a year earlier, benefiting from a one-time tax gain of $1.03 billion.

Revenue rose 14.5 percent to $14.52 billion.

Excluding items, the Palo Alto, California-based company earned 48 cents per share.

Analysts on average were expecting 42 cents per share and revenue of $13.49 billion, according to Thomson Reuters I/B/E/S.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur.

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