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Last Updated: Wednesday, 16 August 2006, 21:45 GMT 22:45 UK
Hewlett's revenues beat targets
HP laptops
HP is gaining market share
Hewlett-Packard's latest results have come in ahead of market expectations as it continues efforts to catch up with market leader Dell.

HP, the number two computer firm, saw revenues rise 5% to $21.9bn (11.6bn) in its third quarter to 31 July.

This compares with $20.8bn for the same period last year, and Wall Street's average prediction of $21.8bn.

Profits were up strongly from last year, when a heavy tax bill ate into the company's bottom line.

Net third-quarter profits rose to $1.38bn from $73m a year earlier, when one-off tax charges related to returning income from abroad totalled $1bn.

'Solid quarter'

Led by chief executive Mark Hurd, HP has been gaining market share over the past year.

Mr Hurd is also cutting costs, including the elimination of 15,300 jobs or 10% of its workforce.

HP's latest upbeat results come as Dell is having to recall 4.1 million of its notebook computer batteries because of a fire risk.

"HP delivered another solid quarter with strong revenue growth, improved margins and healthy cash flow," said Mr Hurd.

"We gained share without sacrificing margins and continue to execute well against our long-term plan."

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