Submitted by CARPE DIEM

NEW YORK (CNNMoney.com) — Personal computer and printer maker Hewlett-Packard reported strong gains in sales and earnings for its fiscal first quarter Tuesday, a sign that the tech giant is gaining market share against key rivals and that its cost cutting is paying dividends. Shares of HP surged nearly 6% in after hours trading.

For its first quarter, which ended in January, HP’s net revenue jumped 13% to $28.5 billion, ahead of the $27.6 billion that analysts were expecting.

The company said that 69% of its first-quarter revenue came from outside the United States. Revenue from emerging markets Brazil, Russia, China and India grew 35% from a year ago.

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