Hewlett-Packard (NYSE:HPQ) did what it was supposed to do in its fiscal second-quarter report. The market wanted further evidence that the recovery for computer technology was not a fluke, but instead an indication of an improving environment. We’ll have to wait to be certain, but HPQ probably accomplished that, as did Cisco (NASDAQ:CSCO), Intel (NASDAQ:INTC) and Microsoft (NASDAQ:MSFT) before it.

The company earned $1.09 per share in the quarter, compared to 86 cents a year earlier. The result was 4 cents better than the Zacks Consensus Estimate; a 3.8% surprise that was on-par with the fiscal first quarter. The result continues the company’s exceptional record of outperforming expectations.

Net revenue increased by 13% to $30.8 billion, as revenue in the Americas gained 11%, revenue in Europe, the Middle East and Africa also increased 11%, and revenue in Asia Pacific advanced 19%.

Revenue from outside the U.S. accounted for 66% of total revenue.

Hewlett-Packard now expects non-GAAP earnings per share between $4.45 and $4.50, compared to its previous outlook of $4.37 to $4.44. The Zacks Consensus Estimate is currently at $4.45 for the fiscal year ending October 2010 and $4.90 for the fiscal year ending October 2011.

The Zacks Consensus Estimate for both this fiscal year and next have been rather stagnant for the past 2 months. There have been a few upward and downward revisions in recent weeks, but when there are 30 total estimates it can be pretty hard to move the consensus. However, the guidance is up 1.6% in 3 months for fiscal 2010 and 2.5% in the same timeframe for fiscal 2011. The company is a Zacks #3 Rank (’hold’).

We currently have a longer-term “Neutral” recommendation on Hewlett-Packard. While we like the company’s performance going forward due to stabilizing demand and rebounding cyclical businesses, we are still concerned with the longer-term growth prospects of its printer unit.

In after hours trading, HPQ shares are up approximately 2.5%.

Will this afternoon’s report spark HPQ’s shares and maybe even enhance its Zacks Rank? Or will it not be enough, as was the case with other tech bellwethers? Be on the lookout for a more in-depth look at this quarter’s performance and the impact coming up…

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