Shares of Hewlett-Packard soared 14 percent Tuesday after the company posted preliminary fourth quarter results that beat consensus Wall Street estimates.

The maker of computers, servers, printers and storage devices posted revenue of $33.6 billion, a 5 percent year over year increase excluding the impact of the Electronic Data Systems acquisition. That compares to a mean estimate of $33.1 billion from analysts polled by Thomson Reuters First Call. Earnings per share excluding some special items was $1.03 versus estimates of $1.

For the first quarter of fiscal 2009, HP forecast revenue of $32 billion to $32.5 billion, slightly lower than the average analyst estimate of $33.7 billion, but earnings per share of $.93-$.95, versus the mean estimate of $.93.

Shares of HP rocketed up $4.21, or 14.3 percent, to $33.55 in morning trading as the Dow Jones Industrial Average and the Nasdaq veered in and out of positive territory.

For the full 2009 fiscal year, HP forecast revenue of $127.5 billion to $130 billion, lower than analysts’ estimates of $135.1 billion, and diluted earning per share, excluding some items, of $3.88 to $4.03, higher than the average estimate of $3.85.

The company said the forecasts took into consideration the global economic downturn and the unfavorable impact of a strong U.S. dollar. Weakening consumer and corporate spending amid a global recession has battered the stock prices of technology companies.

"Our ability to execute in a challenging marketplace differentiates HP, enabling it to increase share, expand earnings and emerge from the current economic environment as a stronger force," Mark Hurd, HP chief executive officer, said in a prepared statement.

HP is scheduled to release its final fourth quarter results on November 24.