NEW YORK ( TheStreet) -- HP's (HPQ - Get Report) second-quarter earnings report showed glimmers of hope, but the company still has a long way to go before it gets back to the glory days of Bill Hewlett and Dave Packard.
The Palo Alto, Calif.-based firm reported fiscal second-quarter non-GAAP earnings of 98 cents a share on $30.70 billion in revenue. The no.1 PC maker highlighted the performance of its software business, which grew revenue 22% year-over-year, despite licensing weakness from Autonomy. Analysts polled by Thomson Reuters were looking for earnings of 91 cents a share on $29.91 billion in revenue.
Following the weak earnings report from Dell (DELL - Get Report), expectations for HP were incredibly low. HP, however, surpassed expectations as CEO Meg Whitman tries to turn around the $41 billion tech behemoth. Investors reacted positively to the numbers, sending shares sharply higher this morning.
|HP is still a long way from getting its ship righted|
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts