HP has announced financial results for its first fiscal quarter ended Jan. 31, 2010, with net revenue of $31.2 billion, up 8% from a year earlier and up 5% when adjusted for the effects of currency.

"HP is well-positioned to outperform the market," said Mark Hurd, HP chairman and chief executive officer. "The strength of our portfolio, leaner cost structure and accelerating market momentum give us the confidence to raise our full-year outlook."

Consumer and commercial spending on computers and printers, which accounts for about half HP's sales, perked up in the holiday months of 2009. A 20% year-over-year sales jump in HP's personal systems unit and a 4% rise in revenue from the company's printing unit helped drive the quarter's results.

HP's fiscal first-quarter net profit for the three months ending Jan. 30 rose 25% to $2.3 billion compared with $1.9 billion a year ago.