It’s already been a pretty solid year for HP Inc (NYSE:HPQ), with the shares up about 28%, and the good times look set to continue. On the heels of the company’s latest earnings report, HPQ stock wafted up just shy 4%. Yet this is off from the initial trades, when the shares were up more than 8%.

Those gains are for good reason, as the company continues to show that the PC market is far from dead. In fiscal Q2, the company reported a 6.6% increase in revenues to $12.4 billion and earnings per share of 40 cents.

Wall Street was looking for revenues for $11.895 billion and earnings of 39 cents on HPQ stock, both of which HPQ handily surpassed.

And there’s more — guidance. For the full year, the company is forecasting earnings on HPQ stock at $1.59 to $1.66, up from the prior estimate of $1.55 to $1.65. As for the current quarter, the guidance is in line with the consensus estimate of 40 cents to 43 cents a share.

Here are some other highlights from the HP earnings report:

• Cash from operating activities came to $500 million, as the company made progress with accounts receivables and inventory management.
• HP has $6.2 billion in the bank.
• HP spent roughly $200 million to repurchase 13.3 million shares.
• The revenues from the personal systems division saw revenues climb 10% on a year-over-year basis and the operating margin was 3.2%.

On the press release, CEO and President Dion Weisler did not hold back, boasting:

“This was a breakthrough quarter for HP, and marks the first time both Personal Systems and Print have grown in the same quarter since 2010. We’re delivering solid performance across our portfolio, in all regions, and on key financial metrics. Our team is taking profitable share, out-executing our competitors and delivering some of the best innovation in HP’s history. It’s clear our reinvention is paying off.”

Great, huh? I thought so. HP Inc. actually seems like the HP of old.

In fact, just yesterday InvestorPlace’s Dana Blankenhorn wrote a bullish piece on HPQ stock. Blankenhorn notes its solid core with its PC and printing business, which generate strong cash flows. But at the same time, there is the potential for accelerated growth, such as with 3D printing or additive manufacturing. Blankenhorn writes:

“The key point is that this is no longer a hobbyist market, but a professional market, for manufacturers who can pay $100,000 to $300,000 for a production level machine. Gone are the days of dripping globs of plastic onto single-foot ‘build planes.’ The company can now make products from multiple materials, in multiple colors, with an open materials platform that traditional manufacturing suppliers will fill.”

What’s more, the market opportunity is a whopping $12 trillion.

Granted, HPQ stock is baking some of this in already. After all, this year’s rally is on par with companies like Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL) and Facebook Inc (NASDAQ:FB). So it could prove more difficult to churn out market-beating returns.

But then again, the valuation of HPQ stock still remains reasonable, with the forward price-earnings ratio at 11. At the same time, HPQ stock yields a reputable 2.8%.

More importantly, the cutting-edge parts of HPQ do not have to kick in quickly to make a difference. The good news is that the PC market continues to show signs of improvement, as seen with the recent report from IDC. Actually, during Q1, HPQ took the top spot for the global market share (about 13.1 million shipments). This is the first time the company has done this since 2013.

Tom Taulli runs the InvestorPlace blog IPO Playbook as well as OptionExercise.com, which provides interactive tools & services for employee stock options of pre/post IPO companies. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.