However weak consumer demand coupled with the effect of the Japanese earthquake hobbled the US-based giant's outlook.

President and chief executive Léo Apotheker said: "HP executed well and delivered a solid quarter. Our enterprise strategy, with services at its core, is focused on higher value-added solutions.

"Our graphics business also did really well – driving strong financial results, innovation and strategic wins against major competitors.  As we have over the past several quarters, IPG performed very well – outpacing competitors from both a market share and a financial perspective. We also continued to delight our customers with industry-leading innovation across the IPG portfolio."

Revenues for the Imaging and Printing Group (IPG) grew 5% year-on-year to $6.7bn and 2% sequentially for the quarter ending 30 April with a 17% operating margin. HP claimed share gains in all printing categories including a 41% year-on-year growth in commercial printer hardware units.

During a conference Apotheker said the company was "working diligently with its Japanese engine and toner supplier" after the Japan earthquake and subsequent tsunami to mitigate impact although he said the company "would not be immune" to the effects. The fiscal impact is exepected to be around $700m, with two thirds of that hitting in the second half.

It said that page volumes for its Indigo presses had jumped 22% for the quarter year-on-year, while shipments of colour laser and MFP machines grew 22% and 60% respectively.

HP expects full-year fiscal 2011 revenue in the range of $129bn to $130bn, although its Q3 outlook of $31.1bn to $31.3bn was down on previous estimates. This, along with concern over weaker consumer demand, sent shares down 9.3%, at one point to $36.04 - its lowest this year.