Posting first-quarter results after the markets close today, HP reported earnings per share of $1.36–well above the $1.29-per-share the Street had been expecting. But at $32.3 billion, revenue fell short of the consensus estimate of $32.96 billion.

Second quarter guidance fell short of estimates. The company says it expects revenue in the range of $31.4 billion to $31.6 billion and earnings between $1.19 a share and $1.21 a share. Analysts were looking for guidance of $1.25 a share on revenue of $32.62 billion.

The reason for the miss: softness in HP’s consumer and services businesses. Revenue in the company’s Personal Systems Division was down one percent from last year and services revenue declined two percent year over year.

That didn’t stop Apotheker from making an enthusiastic pronouncement or two in HP’s earnings release, though. “I’m pleased with our EPS and margin expansion during the quarter,” he said. “Going forward, we have the opportunity to further capitalize on our customers’ demands for higher value-added solutions…HP has a powerful portfolio, including exciting, recently announced cloud and connectivity offerings. We are focused on leveraging these strengths to extend our leadership and accelerate growth.”

Investors didn’t quite buy it. HP shares are down more than seven percent in late trading.

Supply chain sources tell China’s Economic Daily News that Apple has lined up four new component suppliers for the iPhone 5, which they claim is scheduled for a summer launch. Meanwhile, Taiwanese trade pub DigiTimes is reporting that Apple recently bolstered its printed circuit board (PCB) supply chain in preparation for the next iteration of the iPad. Where the company once used just three PCB suppliers for the device, it’s now using seven. Not a surprise, really, given the 14.8 million iPads Apple sold in 2010. DigiTimes’ sources claim they’re scheduled to begin small-volume shipments next month, before going all out in April. Which jibes nicely with that annual refresh cycle I mentioned earlier and rumors of a spring launch.

As I’ve noted here before, the iPad 2 is expected to be thinner than its predecessor and manufactured with the same unibody approach Apple’s been using for the MacBook. It’s also expected to feature an LCD backlit display, a front-facing camera and Facetime video chat support. Finally, some reports suggest it is powered by one of Qualcomm’s multimode chips and will run on both GSM and CDMA-based networks around the world.

Apple’s (AAPL) plan to preview iPhone OS 3.0 tomorrow is a sure sign that the company is on track to debut the next iteration of the phone on which it will run this summer. That’s the word from Piper Jaffray analyst Gene Munster, who has high expectations for the OS and device both. “In the past two weeks Apple has introduced new Mac hardware and a new iPod shuffle, for which the company simply issued a press release,” Munster wrote in a research note. “The fact that Apple is hosting an event for the iPhone OS 3.0 shows that it will likely involve meaningful changes to the iPhone feature set. Apple may be settling into an annual summer hardware refresh cycle with the iPhone, similar to the iPod’s fall refresh cycle.”

Just what does Munster mean by “meaningful changes”? Like others, he anticipates the addition of universal search, background processing/multitasking and the long pined-for cut and paste.

Incidentally, Munster says he doesn’t expect Apple CEO Steve Jobs, who is on medical leave from the company until June, to attend tomorrow’s event. Tim Cook will be filling the Jobs role for the time being, he says–as much as possible, anyway. Said Munster, “During Jobs’ absence, the pace of innovation at Apple has continued, which we believe will reassure investors. Increasingly, we believe investors are considering the future of Apple under Cook’s leadership as a positive.”