NEW YORK ( TheStreet) -- Last week's second quarter earnings from Hewlett-Packard (HPQ - Get Report) came in well above analyst expectations, sending the stock to new highs for the year (just south of $25).But when we look deeper into the numbers, larger evidence of weakness becomes apparent. Quarterly sales dropped in 13 of HP's 15 business segments. Strong negatives were seen in laptop sales (the largest part of the company's PC division), which fell by 24%. The only positive areas were in sales of printing supplies (higher by 2%), and in networking equipment (higher by 1%). On a yearly basis, quarterly net income at HP dropped 32%, to $1 billion, or 55 cents per share. Revenue was 10% lower at $27.6 billion.
HP Earnings: Not So Strong at Second Glance
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