Updated from 5:18 p.m. EDTWall Street was prepared to get less than it wanted out of Hewlett-Packard ( HPQ). It didn't know it would be revenue -- rather than information -- that would be missing. Coming just a week after the technology giant finalized its merger with Compaq, H-P wasn't expected to give much detail on the combined entity's June quarter outlook. The company plans to deliver full-blown guidance at its June 4 analyst meeting. Instead, it detailed a 7% sequential decline in revenue for H-P alone, from its fiscal first quarter to second quarter, falling from $11.4 billion to $10.6 billion. Those revenue figures didn't stack up to the second quarter of 2001's $11.6 billion in revenue or H-P's earlier projections of a modest revenue decline in the second quarter of 2002. Pro forma earnings per share suffered a more dramatic 14% drop from 29 cents a share in the first quarter to 25 cents a share in the second quarter, in line with expectations. Including charges related to the Compaq acquisition, restructuring, goodwill, in-process R&D and investment losses, the company posted a much slimmer net profit of 12 cents a share, according to generally accepted accounting principles. In the first quarter, H-P put together 25 cents a share in GAAP earnings. "The IT spending environment remains tough around the world," said CEO Carly Fiorina in a statement. U.S. revenue declined 11% sequentially, leading all other geographies. Fiorina went beyond the words of her tech CEO peers, however, when she delivered a 2002 outlook devoid of optimism: "While a muted recovery in the second half is still possible, we are not counting on meaningful improvement in IT spending until 2003."