Technology bellwether Hewlett-Packard (HPQ) provided a ray of sunshine in an otherwise gloomy market on Tuesday when it announced it expected to beat analysts' estimates for the fourth quarter. 

Despite a drop in consumer spending, Hewlett-Packard said it expects its preliminary fourth-quarter earnings to come in around 84 cents a share, with adjusted earnings of $1.03 a share. It also said it expects revenue to jump 19% to $33.6 million. This tops analysts’ expectations of $1 per share on revenue of $33.09 billion.

The news sent the stock soaring close to 14% in early trading and lifted the tech sector.

"HP delivered another solid quarter as it continues to benefit from its global reach, diverse customer base, broad portfolio and numerous cost initiatives," said Mark Hurd, chairman and chief executive officer, in a statement. "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."

The world’s largest PC maker expects first-quarter earnings of 80 cents to 82 cents per share, on sales of $32 billion to $32.5 billion. Analysts predicted a profit of 93 cents per share on sales of $33.72 billion.

H-P’s outlook comes at a time when most companies are trimming forecasts. Last week Intel Corp. (INTC), cut its fourth-quarter profit and revenue forecast, citing a weak economy.

H-P is expected to report full earnings on Nov. 24.