Hewlett-Packard has reported a 10 per cent increase in sales for its fourth fiscal quarter compared with the same period last year. Over the fiscal year, Hewlett-Packard sales increased 7 per cent to $42.4 billion (€41.1 billion), and profits rose 16 per cent to $3.1 billion, compared with $2.7 billion last year.

The positive results surpassed Wall Street's earnings expectations, and made a strong impact on the Dow Jones yesterday. The shares were up $12 in late trade.

The company's Irish operations in Leixlip, Co Kildare, where 1,600 people are employed, reported a record year as revenues rose by more than 50 per cent.