Hewlett-Packard (NYSE: HPQ) reported earnings on May 22. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended April 30 (Q2), Hewlett-Packard missed slightly on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped. Non-GAAP earnings per share dropped. GAAP earnings per share dropped significantly.

Gross margins grew, operating margins shrank, net margins dropped.

Revenue details
Hewlett-Packard booked revenue of $27.58 billion. The 26 analysts polled by S&P Capital IQ expected a top line of $28.02 billion on the same basis. GAAP reported sales were 10% lower than the prior-year quarter's $30.69 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.87. The 30 earnings estimates compiled by S&P Capital IQ predicted $0.81 per share. Non-GAAP EPS of $0.87 for Q2 were 11% lower than the prior-year quarter's $0.98 per share. GAAP EPS of $0.55 for Q2 were 31% lower than the prior-year quarter's $0.80 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 23.7%, 40 basis points better than the prior-year quarter. Operating margin was 7.3%, 20 basis points worse than the prior-year quarter. Net margin was 3.9%, 130 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $27.48 billion. On the bottom line, the average EPS estimate is $0.87.

Next year's average estimate for revenue is $112.12 billion. The average EPS estimate is $3.55.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 3,399 members out of 3,804 rating the stock outperform, and 405 members rating it underperform. Among 756 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 669 give Hewlett-Packard a green thumbs-up, and 87 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Hewlett-Packard is hold, with an average price target of $19.06.

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