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)

.