NEW YORK (TheStreet) -- Shares of Hewlett-Packard Co (HPQ) were rising, up 3.9% to $35.15 on heavy volume in midday trading Friday, after the company reported its mixed second-quarter fiscal 2015 earnings results late Thursday.
HP reported a profit of 87 cents per share, down 1.14% from a year ago, but higher compared to the earnings of 85 cents per share analysts had forecast.
As of May 22, the S&P 500 information technology sector has first quarter earnings per share of $10.11, with a growth rate of 8.99% year over year, according to S&P Capital IQ.
In addition, of the 487 companies in the S&P 500 index that have reported, 329 have beat, 113 missed and 45 met analysts' estimates.
"That equates to a 68% beat rate, just below the 69% beat rate at this time last quarter, but still ahead of the historic average of 66%," according to S&P Capital IQ senior analyst Lindsey Bell.
The PC maker also posted revenue of $25.45 billion for the quarter, below analysts' estimates of $25.63 billion.
Looking ahead, the company issued weaker-than-expected guidance.
HP expects earnings of between $3.53 to $3.73 per share for fiscal 2015 ending in October, compared to analysts' estimates of $3.64 per share for the fiscal year.
Still, investors are noticing the lower-than-expected expenses for the separation of its personal computer and printer businesses into a separate company.
About 15.08 million shares of HP have changed hands as of 11:59 a.m. ET today, compared to its average trading volume of about 9.67 million shares a day.