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Last Updated: Thursday, 17 May 2007, 06:38 GMT 07:38 UK
Hewlett fired up by laptop sales
Hewlett-Packard laptop
Hewlett-Packard expects revenue of more than $100bn in 2007
Booming sales of laptops, printers and servers helped Hewlett Packard (HP) beat Wall Street profit forecasts for the three months to 30 April.

The world's biggest maker of PCs earned $1.78bn (900m) - or 65 cents per share - slightly down from $1.9bn at the same time last year.

However, the company put the dip down to a big tax gain which was recorded in the same period last year.

Looking ahead, HP expects to rack up a record $100bn in sales this year.

Sales in the quarter rose 13% to $25.53bn as demand for personal computers, including laptops and servers soared.

In its lucrative imaging and printing group, revenues also rose 6% to $7.2bn.

'Amazing turnaround'

The results would have surprised analysts had the California-based company not been forced to lift its earnings forecasts last week after financial details were inadvertently leaked through an email from an employee.

"These guys have put together an amazing turnaround of a company that was pretty screwed up and is now moving in the right direction," said Daniel Renouard, senior research analyst for Robert W Baird & Co.

Last year, HP overtook Dell to become the biggest seller of personal computers.

The company has also sailed past IBM as the world's largest technology outfit by sales.

The sharp cost-cutting measures introduced in 2005 will continue, said HP chief executive Mark Hurd.

"We will get this cost out, while we continue to focus on growth," he said.

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