Asus have plenty of reasons to celebrate today. In the wake of dreadful quarterly reports from fellow PC makers Dell and HP earlier this year, the Taiwanese computer and tablet maker posted positive third quarter results on Tuesday.

Asus reported revenue of 111.43 billion New Taiwan Dollars ($3.8 billion USD) with a net income of 6.71 billion Net Taiwan Dollars ($230 million). Revenue was up nine percent year-to-year while net income increased 43 percent during the same time period. Sequentially, revenue was up 18 percent and net income rose 39 percent.

This topped average expectations of more than a dozen analysts that expected 5.41 billion Net Taiwan Dollars ($185 million) in net income.

The company has been able to successfully transition from the declining netbook market into the increasingly-crowded tablet race. The proof is in the numbers, really. In the second quarter of 2012, Asus shipped 800,000 tablets. That figure rose sharply to 2.3 million units in the previous three-month period, nearly a threefold gain.

Increased shipments can likely be credited to the release of Google's Nexus 7 tablet, co-developed with Asus. The company fell short of saying as much in the earnings report, of course, but it's a safe bet that Nexus 7 shipments were included in the overall figure.

Moving forward, Asus anticipates shipping even more notebooks and tablets in the fourth quarter. Notebook shipments are expected to rise roughly 10 percent to 5.5 million while tablet shipments could increase another 13 percent to 2.6 million units.