HP Inc. (HP (HPQ)) reported its fiscal second-quarter results after the bell on Wednesday, and the numbers were solidly ahead of what Wall Street had been expecting. But if you were hoping for a big stock pop, you might be a little disappointed — shares were up just 0.71% to $25.67 in extended trading.

The company posted quarterly earnings of 86 cents per share, beating the consensus estimate of 71 cents by a healthy 21.13%. Revenue came in at $14.41 billion, also ahead of the $14.04 billion analysts were looking for.

Let's break down the segments. HP's Personal Systems division — that's your laptops, desktops, and workstations — generated $10.2 billion in net revenue, up 13% year over year. Consumer revenue was up 10%, while commercial revenue grew 14%. The operating margin for this segment was 5.2%.

The Printing business, on the other hand, was a mixed bag. Net revenue was $4.2 billion, flat compared to last year. Consumer printing revenue dropped 10%, but commercial printing held steady. The printing segment's operating margin was a much healthier 18.3%.

Interim CEO Bruce Broussard struck an optimistic tone in the earnings release: “During the second quarter, we continued executing our future of work strategy through intelligent devices, edge AI, and connected experiences while navigating rising commodity costs.” He added that the company introduced innovations across AI PCs, Z workstations, AI-powered print, and HP IQ, which he said “simplify work and improve productivity.”

So, the numbers were good, the narrative is about AI and innovation, but the stock's reaction was muted. That might be because investors are focused on the rising commodity costs Broussard mentioned, or maybe they were hoping for even more. Either way, HP's quarter was a beat, and sometimes that's enough.