Updated from 8:17 a.m. EST
Hewlett-Packard's
(HWP)
shares were rocketing higher in midmorning after the company blew away fourth-quarter earnings estimates.
Shares of the Palo Alto, Calif., computer and printer maker were recently up $2.22, or nearly 11%, at $22.45.
The company said fiscal fourth-quarter earnings from continuing operations were $361 million, or 19 cents a share, down sharply from $841 million, or 41 cents a share, last year, but well above the Wall Street consensus forecast of 8 cents. The company's bottom-line earnings were $97 million, or 5 cents a share, after charges.
H-P cited strong execution in its printer and imaging businesses for the better-than-expected results.
Fourth-quarter sales fell to $10.9 billion from $13.3 billion last year, and the company warned first-quarter revenue would be slightly below the fourth's.
H-P also reiterated its plans to acquire
Compaq
(CPQ)
.
