Updated from 4:31 p.m. EST to provide comments from the conference call.NEW YORK ( TheStreet) -- Shares of Hewlett-Packard ( HPQ) surged in late trades Wednesday after the PC giant reports above-consensus quarterly results and unveiled plans to cut lay off a healthy chunk of its workforce over the next few years. The Palo Alto, Calif.-based company reported fiscal second-quarter non-GAAP earnings of 98 cents per share on $30.70 billion in revenue. The company highlighted the performance of its storage business as 3Par continued to gain market share. Analysts polled by Thomson Reuters were looking for earnings of 91 cents per share on $29.91 billion in revenue. Analysts polled by Estimize expected a profit of 92 cents per share on $29.54 billion in revenue.