Hewlett-Packard let the wind out of its sails a couple of weeks ago when it essentially pre-announced earnings with news of the 3Com acquisition. But with Dell's [ DELL 14.27  +0.06 (+0.42%) ] lousy financial report last week, there was still a healthy amount of interest in how each HP unit performed, and whether guidance would hold up.

HP delivered [ HPQ 52.21  +0.19 (+0.37%) ].

The company came in as expected with $1.14 a share; there was a nice, $400 million upside surprise to the company's top line, and in an environment like this one, it might be an even bigger deal for the company to surprise on revenue than on profits. HP has made a mint through operational efficiencies and cutbacks so bottomline performance hasn't been all that surprising. But better-than-expected sales just two weeks after pre-announcing is a nice little bonus.

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