Hewlett-Packard posted net income of $1.4 billion for its fiscal fourth-quarter, as cost cuts stemming from its ongoing restructuring more than offset the effects of sluggish computer demand.

The world’s second-largest maker of PCs, considered a bellwether in the technology industry, also issued a strong profit prediction for the current quarter.

So far this year, HP’s stock has gained about 77 percent.

CEO Meg Whitman said better execution and cost management were driving the positive results.

She said that while there is still much work to do, the quarter’s results show HP’s turnaround remains on track heading into fiscal 2014.