How Does Hewlett-Packard Look Ahead of Earnings?

Hewlett-Packard (NYSE:HPQ) will report its first-quarter fiscal 2013 results on Thursday, and the stakes are high for the beleaguered PC maker. The company is coming off its first full-year revenue decline since 2009 and a massive earnings hit associated with the impairment of goodwill and purchased intangible assets, restructuring charges, amortization, and acquisition-related charges.

Most infamously, this includes an $8.8 billion non-cash charge related to fraudulent accounting practices at Autonomy, a major acquisition.

Last year was a major transition period for the company, and 2013 promises to bring a lot of the same turn-around rhetoric to the table. CEO Meg Whitman has made no small secret about the multi-year timeline for restructuring efforts and the costs associated with turning a leading PC maker into a more robust technology company with stable long-term revenue streams….