HP Inc, which houses the hardware business of former Hewlett-Packard Co, reported quarterly revenue that beat estimates on Thursday, driven by growth in its notebooks and desktops and the acquisition of Samsung's printer business.

HP Inc. said that profit excluding some items will be 50 cents a share to 53 cents a share in the current period.

For fiscal 2018, HP reported earnings of $5.3 billion, on revenue of $58.5 billion, up 12 percent.

The personal systems business, which accounts for more than 60 percent of HP Inc's total revenue, rose 11 percent to $10.06 billion.

Despite the sales growth in the fiscal fourth quarter, HP is facing tougher competition while worldwide PC demand remains stagnant. Lenovo Group Ltd. seized HP’s global sales crown in the third quarter, according to Gartner Inc. HP’s personal systems business only had a 3.8 percent operating margin in the period that ended Oct. 31.

The company, which completed the acquisition of Samsung's printer business last year, said revenue from its printing business rose 9.1 percent to $5.30 billion.