HP also announced an $8 billion additional share buyback program, though market reaction was muted by uncertainty over how much the U.S. credit crisis will hurt technology demand in coming months.

The results came after International Business Machines and Cisco Systems Inc. warned of weakness in orders from U.S. financial institutions, which are mired in mortgage-related losses.

Net income in the fourth quarter rose 28 percent to $2.16 billion, or 81 cents per share, from $1.7 billion, or 60 cents per share, a year earlier. Earnings before items of 86 cents per share beat the average Wall Street forecast of 82 cents.

Revenue grew 15 percent to $28.3 billion, compared with the average analyst forecast of $27.4 billion. Sales were helped by a 49 percent jump in notebook computer revenue.

By: DocMemory
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