HP Inc (HPQ.N), which houses the hardware business of former Hewlett-Packard Co, reported a better-than-expected revenue and profit in the first quarter as the company sold more personal computers and printers.

Shares of the company rose eight per cent to US$23.11 after the bell on Thursday.

HP Inc's personal systems business, which accounts for nearly two-thirds of the company's total revenue, rose nearly 15 per cent to US$9.44 billion, beating the average analyst estimate of US$8.50 billion.

Despite a shrinking PC market in the United States, the company continued to pick up market share, after toppling Lenovo Group Ltd (LNVGY.PK) last year from the top position globally, according to research firm Gartner Inc.

Net earnings rose to US$1.94 billion, or US$1.16 per share, in the quarter ended Jan. 31, from US$611 million, or 36 cents US per share, a year earlier, benefiting from a one-time tax gain of US$1.03 billion.

Revenue rose 14.5 per cent to US$14.52 billion.

Excluding items, the Palo Alto, California-based company earned 48 cents US per share.

Analysts on average were expecting 42 cents US per share and revenue of US$13.49 billion, according to Thomson Reuters I/B/E/S.

HEWLETT PACKARD ENTERPRISE BEATS ESTIMATES

Hewlett Packard Enterprise Co (HPE.N) reported better-than-expected quarterly revenue and profit on Thursday, boosted by higher sales of its storage products, sending its shares up 18 per cent in extended trading.

HPE also forecast an adjusted profit of 29 cents US to 33 cents US per share for the second quarter. Analysts on average were expecting a profit of 26 cents US per share, according to Thomson Reuters I/B/E/S.

Revenue in the Palo Alto, California-based company's Hybrid IT division, largely made up of its storage products, rose 10 per cent to us$6.33 billion in the first quarter.

Total revenue rose 11 per cent to us$7.67 billion. Analysts on average had expected us$7.07 billion, according to Thomson Reuters I/B/E/S.

HPE's net income rose to us$1.43 billion, or 89 cents US per share, in the quarter ended Jan. 31 from US$267 million, or 16 cents US per share, a year earlier.

In the latest reported quarter, the company booked a gain related to changes in the U.S. tax code.