HP is feeling the effects of corporate IT budget tightening, but the vendor is still investing in partners and offerings to entice customers once the economic downturn passes.

These are some of the takeaways from the Palo Alto, Calif.-based vendor’s report for the first quarter of its fiscal year – a quarter that ended Jan. 31.

A Wednesday report from investment bank Credit Suisse said that HP’s revenue didn’t meet expectations but earnings per share came out ahead, so investors are happy.

[RELATED: 3 Big Ways HP Amplify Is Driving Partner Profits]

Mixed Results In HP Q1 Earnings

Revenue was down 19 percent year over year to $13.83 billion. Investors expected more than $14 billion, according to the report.

Looking ahead, Credit Suisse analysts will watch for how long PC demand recovery will take, whether HP can hold its printer pricing, how HP deals with supply chain challenges and whether HP’s restructuring plan – which includes the layoffs of between 4,000 and 6,000 employees – will produce enough savings.

Other takeaways from the earnings call included:

*HP continuing with its “Future Ready” plan

*Investing in AI and subscriptions

*Standardizing personal systems on fewer platforms to reduce component complexity

Here’s what you need to know.