Struggling diversified technology company Hewlett-Packard (NYSE: HPQ [FREE Stock Trend Analysis]) released its fiscal second-quarter earnings results after the closing bell on Wednesday.

Over the last five years, the company's share price has been more than halved as a secular decline in the PC business and a failure to innovate have weighed on sales and income.

Nevertheless, the stock has been rallying in recent months ahead of Wednesday's report. Prior to the company's second-quarter financial update, Hewlett-Packard shares had climbed nearly 50 percent in 2013.

In Q2, Hewlett-Packard reported earnings that came in well ahead of estimates, but sales that missed Wall Street expectations. In Wednesday's after-hours trading session, however, HPQ is soaring after lifting its full-year earnings guidance. At last check, the stock was up more than 13 percent to a new 52-week high of $24.05.

In its most recent quarter, Hewlett-Packard reported net income of $1.1 billion or $0.55 per share, which was a roughly 31 percent decrease from the $1.6 billion or $0.80 per share the company reported in the year ago period.

On an adjusted basis, which is comparable to analysts' consensus estimates, net income was down around 11 percent to $1.7 billion or $0.87 per share. In last year's second-quarter HPQ reported earnings per share of $0.98. Despite the decline in earnings, the results came in well ahead of Wall Street EPS estimates of $0.81.

Sales in the quarter fell 10 percent to $27.6 billion from $30.7 billion last year. This came up short of analysts' consensus revenue estimates of $28.12 billion. Falling revenue has become a trend at the iconic technology company and has been a persistent headwind for the stock price.

Looking ahead to Q3, Hewlett-Packard guided for earnings per share between $0.56 and $0.59. Adjusted EPS is expected to be between $0.84 and $0.87. This compares to current third-quarter Wall Street earnings per share estimates of $0.84.

For fiscal 2013, the company lifted its earnings per share guidance to a range of $2.50 to $2.60 from its previous outlook of $2.30 to $2.50 per share. Adjusted EPS is now expected to be between $3.50 to $3.60 versus previous guidance of $3.40 to $3.60. This is above current consensus of $3.49 and has caused the positive reaction in the share price in after-hours trading.

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