Home Depot earnings fall -- but not too far -- for second quarter

Home Depot Inc. (HD) beat Wall Street expectations and raised its forecast for the rest of the year, even as the weak economy and housing market took a bite out of its second-quarter results.

The nation's largest hardware chain posted net income of $1.1 billion, or 66 cents per share -- down seven percent from the same time last year, beating expectations of only 59 cents per share in earnings. CEO Frank Blake credited cost-cutting and gains in market share with helping Home Depot pull off what passes for a successful quarter these days.