UPDATE: Hewlett-Packard Reports Upbeat Q2 Earnings, Lowers Forecast; Shares Down In Pre-Market Trading

Hewlett-Packard Co HPQ released its results for the second quarter on Tuesday. The company reported its quarterly profit at $2.3 billion, or $1.05 per share, up from $2.2 billion, or $0.91 per share, in the year-earlier period. Its adjusted earnings surged to $1.24 per share from $1.09 per share. The company's revenue rose around 3% to $31.63 billion, from $30.85 billion. However, analysts were expecting earnings of $1.21 per share on revenue of $31.6 billion. The company lowered its projections for the third quarter and full fiscal year. It projects Q3 net income of around $0.90 per share and adjusted profit of around $1.08 per share, on revenue of $31.1 billion to $31.3 billion. However, analysts were expecting earnings of $1.23 per share on revenue of $31.9 billion. H-P now projects 2011 net earnings of at least $4.27 per share and adjusted earnings of at least $5 per share, on revenue of $129 billion to $130 billion. However, analyst expected adjusted earnings of $5.24 per share on revenue of $130.5 billion. Shares of Hewlett-Packard fell 4.15% to $38.15 in pre-market trading. Read more from Benzinga's Company news.