Hewlett Packard Company (NYSE:HPQ) revealed its earnings report for the first three months of 2013 today, Wednesday May 22, after the market closed. The company showed earnings of $0.87 per share for the three months ending March 31, on quarterly revenue of $27.58 billion. On today’s market, shares in the PC market trended up, closing the day at $21.23.

Hewlett Packard HPQ

The first three months of the year are recorded as the second fiscal quarter at Hewlett-Packard Company.

In anticipation of the announcement of this earnings report, analysts were looking for earnings of 81 cents per share by consensus, on revenue of $28 billion from Hewlett-Packard Company (NYSE:HPQ). In the first three months of 2012, the firm managed to earn 98 cents per share on revenue of $30.7 billion. In anticipation of this release, whisper numbers suggested that Hewlett-Packard would beat on EPS by four or five cents.

The number one indicator for the PC manufacturer in the first quarter, and the number one indicator for the next year, is how the decline in the PC market is actually affecting its business. Hewlett-Packard Company (NYSE:HPQ) was recently the number one PC maker in the world, though it looks like that title has fallen to Chinese PC maker Lenovo, with HPQ in second place.

So far in 2013, shares in Hewlett-Packard company (NYSE:HPQ) have done exceptionally well, increasing by close to 50 percent since January 1. The firm’s shares are still below where they were a year ago, however, and the current upswing depends entirely on the company’s ability to reposition itself in the market, and shift its revenue streams out of the PC business.

Some analysts think that the turnaround at Hewlett-Packard Company (NYSE:HPQ) isn’t working, and shareholders seem nervous. The company’s Chairman, Ray Lane, stepped down earlier this year after shareholders delivered a less than confidence building vote to reinstate him in the position at the company’s annual shareholder meeting.

Hewlett-Packard Company (NYSE:HPQ) has a long way to go before it restores confidence in its future. The PC market is disappearing and it looks as if nobody can stop it, HP needs new revenue streams, and it’s uncertain whether or not its current efforts will result in a replacement for lost PC revenue.