Stock in Hewlett-Packard Company (NYSE:HPQ) rose 2.4 percent on Feb. 21 in anticipation that the company would issue a good earnings report when the market closed.
When the bell rang, HP reported its first quarter 2013 earnings were down about 11 percent from the first quarter of 2012.
The good news is, the company’s earnings were better than expected.
"We beat our non-GAAP diluted EPS outlook for the quarter by 11 cents per share, driven by improved execution, improvement in our channel and go-to-market efforts and the impact of the restructuring program we announced in May 2012," Meg Whitman, HP president and chief executive officer, said in a prepared statement. "While there's still a lot of work to do to generate the kind of growth we want to see, our turnaround is starting to gain traction as a result of the actions we took in 2012 to lay the foundation for HP's future."
Investors apparently shared Whitman’s optimism. HP stock was up more than 6 percent in early after-hours trading.
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