PALO ALTO, Calif. ( TheStreet) -- HP (HPQ - Get Report) comfortably beat Wall Street's estimates in its second-quarter results, released after market close on Wednesday, shrugging off the recent disappointing numbers from rivals Dell (DELL - Get Report) and Cisco (CSCO - Get Report).
The no.1 PC maker brought in revenue of $30.7 billion and earnings of 98 cents a share, compared to sales of $31.6 billion and earnings of $1.24 a share in the same period last year. Analysts surveyed by Thomson Reuters were looking for sales of $29.92 billion and earnings of 91 cents a share.
|HP CEO Meg Whitman|
Shares of HP, which is in the throes of major restructuring, surged 9.11% to $22.99 in extended trading as investors responded to the numbers."We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders," said HP CEO Meg Whitman, in a statement released after market close. "This quarter we exceeded our previously provided outlook and are executing against our strategy, but we still have a lot of work to do." HP also announced plans to cut 27,000 jobs, or 8% of its workforce, by 2014. The Palo Alto, Calif.-based firm expects to save between $3 billion and $3.5 billion from the cuts by the end of fiscal 2014. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.