The technology giant posted net revenues of $28.5bn (£14.67bn), up 13% year-on-year, ahead of analyst expectations of $27.6bn. GAAP and non-GAAP earnings were up 38% and 25% to $2.1bn and $2.3bn, respectively.

EMEA pulled in the most revenues for the group at $11.2bn, up 15% year-on-year, although Asia Pacific exhibited the strongest growth with 22%.

The company's Imaging and Printing Group posted mixed results. Decline in both shipments and sales of consumer printers were offset by rises in the commercial sector of 13% for shipments and 7% for revenues.

Overall, the division contributed $7.3bn, up 4%, to HP's first results of 2008, for the quarter ending 31 January.

As a result, the company has raised its guidance for its second-quarter revenues to $27.7bn and $27.9bn.

"We are raising our guidance yet again, reflecting our confidence in anticipated cost reductions and share gains in key markets," said HP chairman and chief executive Mark Hurd.

"We added more than 2,000 sales positions in the past year through acquisitions and hiring. HP remains well positioned for profitable growth as we continue to focus on our numerous cost initiatives and improve our market coverage."

HP announced its results after close of trade 19 February, with reports claiming after-hours trading had driven prices up 5%.