HP sales hit seven-year high

Share price rises two per cent in response to latest financial results

Strong notebook sales have HP to beat Wall Street estimates

HP achieved a 29 per cent leap in PC sales in the third quarter, providing the company with its strongest financial results in seven years.

Total revenue at HP grew 16 per cent to $25.4bn (£12.8bn), while net profits rose to $1.8bn (£0.9bn), a rise of $0.4bn (£0.2bn) on the same period last year. Notebook sales were up 54 per cent, while revenue from desktops grew by 12 per cent.

The strong results far exceeded Wall Street estimates. Yesterday the company's share value rose two per cent to $47.02 in after-hours trading.

HP chief executive Mark Hurd said the results reflected growth in the company's key business areas and an increased demand for HP products.

'We are continuing to become a more efficient organisation,' said Hurd.