Infosys Technologies (NASDAQ: INFY) increased its first quarter profits by 17% by tapping new markets and wrangling in 27 new clients, according to the Financial Times. The second-largest software services exporter in India, Infosys even scored some major clients, such as Waitrose, a top-shelf food retailer in the United Kingdom. Tough economic conditions can tend to favor companies that provide outsourcing services -- as well as consulting services with high, easily justifiable returns on investments (ROIs).

Nonetheless, this is a competitive space, and Infosys did caution that IBM (NYSE: IBM), Accenture (NYSE: ACN) and Hewlett-Packard (NYSE: HPQ) will be formidable global foes. With the announcement, Infosys increased the lower end of its forecast for the year, expecting revenues to fall in the $4.45 billion to $4.52 billion range.

In terms of estimates, 3Com did well. The market was expecting 5 cents per share. The analyst community was obviously worried that the recession was going to hamper profit growth more than it did. Of course, who could blame the analysts, right? After all, 3Com did see a better than 8% slide in top-line sales.

Dell (NASDAQ: DELL) reported first-quarter numbers earlier in the week. It wasn't an awesome report by any stretch of the imagination. On a reported basis, every important metric was down. Revenues down 23%. Earnings per share down 61%. On an adjusted basis, Dell did beat expectations by a penny, coming in at $0.24 per share.

Now, what should we make of this? Indeed, I'm in something of a tough position over Dell. I was pretty bearish on the stock back in November. I still feel bearish, to be honest. Who wouldn't? A one-penny beat in this case just doesn't encourage me. PC sales have been challenged, and as my colleague Jamie Dlugosch pointed out, Dell just can't be considered a best-of-breed company. When you think best-of-breed computer stocks these days, you probably will think of Apple (NASDAQ: AAPL) first.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• AnnTaylor Stores Corp. (NYSE: ANN) reported a smaller-than-expected Q1 loss as sales slumped.
• Barnes & Noble Inc. (NYSE: BKS) smaller-than-expected Q1 net loss sent shares higher.
• Children's Place Retail Stores Inc. (NASDAQ: PLCE) solid Q1 results were in line with expectations.
• Dick's Sporting Goods Inc. (NYSE: DKS) posted higher-than-expected Q1 results but same-store sales fell.
• Gap Inc. (NYSE: GPS) lower Q1 earnings beat expectations and lower revenue was in line.

Hewlett-Packard (NYSE: HPQ) had a weak Q2. According to the earnings release that was issued on Tuesday after the close of trading, revenues declined 3% on an adjusted basis.

If you strip out currency effects, then you get a gain of 3% on the top line. Either way, I'm not excited. And here's something else that wasn't so thrilling. Earnings per share on an adjusted basis came in at 86 cents. Last year at this time, Hewlett-Packard generated 87 cents per share. Not a great comparison.

Last week we got a good look at how the apparel retailers have been doing when JCPenney Inc. (NYSE: JCP), Kohl's Corp. (NYSE: KSS), Nordstrom Inc. (NYSE: JWN), and Urban Outfitters Inc. (NASDAQ: URBN) all reported better-than-expected earnings for the most recent quarter. On the other hand, Abercrombie & Fitch Co. (NYSE: ANF), Eddie Bauer Holdings Inc. (NASDAQ: EBHI), Liz Claiborne Inc. (NYSE: LIZ), and Macy's Inc. (NYSE: M) reported quarterly losses, reflecting the ongoing reluctance of consumers to spend.

Applied Materials (NASDAQ: AMAT) reported Q2 numbers earlier in the week. They were dismal, to say the least. According to Jon Ogg's Closing Bell on Wednesday, the semiconductor business saw its top line reduced by 50%, and the adjusted loss came to 10 cents per share. Yes, yes, that met expectations. So what? The article also mentioned that the solar operation wasn't doing so hot.

Looking through the actual earnings release, I don't see a lot of things that would make a shareholder happy. Backlog was down. Applied Materials had to use cash to keep things going over the last six months (obviously investors would rather see cash generated from operations). And CEO Mike Splinter described the current climate as very tough in terms of customer demand.

Cisco (NASDAQ: CSCO) reported Q3 stats after the bell on Wednesday. How did the tech company that runs with the likes of Hewlett-Packard (NYSE: HPQ), Juniper Networks (NASDAQ: JNPR), and Alcatel-Lucent (NYSE: ALU) fare? Very well, thank you.

Well, let me clarify that. Cisco saw a lot of declines in its numbers, but we all know what the most important thing to investors is: beating the Wall Street analysts. In this regard, Cisco's management did just fine. As I observed in my earnings preview piece, the call was for Cisco to do somewhere around 25 cents per share. Well, the company bested that figure by an awesome nickel on an adjusted basis.

Tech investors will be looking forward to seeing how Cisco (NASDAQ: CSCO) made out in the third quarter. The networking entity, whose colleagues include Hewlett-Packard (NYSE: HPQ), Juniper Networks (NASDAQ: JNPR), and Alcatel-Lucent (NYSE: ALU), will be reporting Q3 numbers on Wednesday, May 6, after the market closes. According to analysts, Cisco is not expected to grow the bottom line. The call is for 25 cents per share. If that figure is hit, then it will represent a drop of more than 30% on a year-over-year basis.

Here's the bright side, though. Cisco has beat the analysts at their game in recent times. Quite frankly, I think Cisco should be able to come ahead of estimates this week. I don't necessarily see why the trend will break. It's not like the stock has been telling the market that it will. Shares of Cisco have been doing well.