Updated from Tuesday, May 18

PALO ALTO, Calif. (

TheStreet

) --

Hewlett-Packard

(HPQ) - Get Report

blew past Wall Street's estimates in its

second-quarter results

and raised its fiscal 2010 guidance.

The computer maker reported revenue of $30.8 billion, up from $27.4 billion in the same period last year and well above analysts' estimate of $29.82 billion.

Excluding items, H-P earned $1.09 a share, up from 87 cents in the prior year's quarter, and higher than analysts' estimates of $1.05.

H-P also raised its fiscal 2010 guidance, forecasting revenue between $123.8 billion and $124.8 billion, compared to its prior estimate of $121.5 billion to $122.5 billion. Excluding items, H-P predicts earnings between $4.45 and $4.50, up from its previous forecast of $4.37 to $4.44, although this excludes an after-tax charge of approximately 69 cents a share.

"With the improving demand environment, we are accelerating investments for growth while raising our full-year outlook," said Cathie Lesjak, the H-P CFO, in a statment released after market close.

H-P CEO Mark Hurd also struck a bullish tone during a confence call to discuss the results.

"After many customers deferred purchases in 2009, we're seeing strong growth in a number of businesses," he said. "We feel very good about the broad-based growth in the quarter."

PC sales and rapidly-improving enterprise spending, in particular, helped drive H-P's results.

H-P's Personal Systems Group, which includes the tech bellwether's PC business, enjoyed robust second-quarter growth, with revenue increasing 21% to reach $10 billion. Total sales from H-P's Enterprise Storage and Servers (ESS) division were $4.5 billion, an increase of 31% on the prior year's quarter.

The company's stock has fallen almost 8% over the last three months and investors have been

largely underwhelmed by the tech giant's impending acquisition of ailing phone maker Palm (PALM)

.

Hurd, however, provided some more information on H-P's Palm plans, explaining that the phone maker's WebOS operating system will be extended from smartphones to tablets and Web-connected printers.

H-P, which competes with

IBM

(IBM) - Get Report

and

Cisco

(CSCO) - Get Report

, has recently been cited as a

compelling long-term play

for investors.

Investors certainly warmed to the firm's second-quarter results. The tech bellwether's shares increased about 2.5% in extended trading.

-- Reported by James Rogers in New York

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