There's no getting around the fact that computer and printer company HP (NYSE: HPQ) dished out a disappointing second-quarter report earlier this week. Revenue fell short of estimates due to a marked decline in PC sales. The stock price tumbled 6% in response to the news, despite the company's bullish forecast for the latter half of the year.

In some regards, the setback is a buying opportunity for interested investors. From another vantage point, though, last quarter is a look at the company's likely lackluster future. More than anything, however, HP's second-quarter report is finally forcing investors to acknowledge what the company is ... and isn't.

As a recap, for the three-month stretch ending in April, HP turned $12.9 billion in revenue into an adjusted per-share profit of $1.07. The top line fell nearly 22% from the year-earlier figure of $16.5 billion, and it fell short of analyst estimates of $13.1 billion. The bottom line beat estimates of $0.76 per share, although it still slumped 31% from the year-ago second quarter's comparison of $1.20.

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Source Fool.com