Hewlett-Packard Co.’s fourth-quarter profit easily exceeded Wall Street’s expectations, bolstered by surging laptop sales and continued strong demand for highly profitable printer ink.

The board of the Palo Alto-based computer and printer maker also authorized an additional $8 billion for stock buybacks, a sign the company believes its shares are undervalued.

Strong PC sales have fueled much of HP’s growth, but the company doesn’t expect that business to keep growing as fast as it has. Printer ink continues to be the company’s cash cow.

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