HP Reports Fourth Quarter and Full Year 2012 Results

 

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
                            SEGMENT INFORMATION                             
                                (Unaudited)                                 
                               (In millions)                                
                                                                            
                                                Three months ended          
                                      ------------------------------------- 
                                      October 31,    July 31,   October 31, 
                                          2012         2012         2011    
                                      -----------  -----------  ----------- 
                                                                            
Net revenue:(a)                                                             
                                                                            
  Personal Systems                    $     8,705  $     8,620  $    10,118 
  Printing                                  6,080        6,017        6,419 
                                      -----------  -----------  ----------- 
    Total Printing and Personal                                             
     Systems Group(b)                      14,785       14,637       16,537 
  Services                                  8,711        8,754        9,227 
  Enterprise Servers, Storage and                                           
   Networking                               5,119        5,143        5,601 
  Software                                  1,171          973        1,023 
  HP Financial Services                       966          935          952 
  Corporate Investments                        13           19         (131)
                                      -----------  -----------  ----------- 
    Total segments                         30,765       30,461       33,209 
  Eliminations of intersegment net                                          
   revenue and other                         (806)        (792)      (1,087)
                                                                  -----------    -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  net  revenue  $        29,959    $        29,669    $        32,122  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Earnings  before  taxes:(a)                                                                                                      
                                                                                                                                                        
    Personal  Systems                                        $              309    $              409    $              578  
    Printing                                                                    1,067                    949                    793  
                                                                            -----------    -----------    -----------  
    Total  Printing  and  Personal  Systems                                                                              
      Group(b)                                                                  1,376                1,358                1,371  
    Services                                                                    1,234                    959                1,210  
    Enterprise  Servers,  Storage  and                                                                                      
      Networking                                                                  423                    562                    717  
    Software                                                                        318                    175                    284  
    HP  Financial  Services                                              104                      97                      98  
    Corporate  Investments                                              (83)                  (58)                (908)
                                                                            -----------    -----------    -----------  
        Total  segment  earnings  from                                                                                          
          operations                                                          3,372                3,093                2,772  
                                                                                                                                                        
    Corporate  and  unallocated  costs  and                                                                              
      eliminations                                                            (120)                (314)                (196)
    Unallocated  costs  related  to  stock-                                                                              
      based  compensation  expense                                (140)                (150)                (192)
    Amortization  of  purchased  intangible                                                                            
      assets                                                                        (372)                (476)                (411)
    Impairment  of  goodwill  and  purchased                                                                            
      intangible  assets                                              (8,847)            (9,188)                (885)
    Restructuring  charges                                            (378)            (1,795)                (179)
    Acquisition-related  charges                                    (3)                    (3)                (114)
    Interest  and  other,  net                                        (188)                (224)                (401)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  (loss)                                                                                        
          earnings  before  taxes                        $        (6,676)  $        (9,057)  $              394  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
(a)    Certain  fiscal  2012  organizational  reclassifications  have  been                  
          reflected  retroactively  to  provide  improved  visibility  and                          
          comparability.  For  each  of  the  quarters  in  fiscal  year  2011,  the              
          reclassifications  resulted  in  the  transfer  of  revenue  and  operating        
          profit  among  the  Services,  Printing,  Enterprise  Servers,  Storage  and      
          Networking,  Software  and  Corporate  Investments  financial  reporting          
          segments.  Reclassifications  between  segments  included  the  transfer  of    
          the  Indigo  Scitex  support  and  the  LaserJet  and  enterprise  solutions        
          trade  support  businesses  from  Services  to  Printing,  the  transfer  of  the
          business  intelligence  services  business  from  Corporate  Investments  to    
          Services,  the  transfer  of  the  information  management  services  business  
          from  Software  to  Services,  and  the  transfer  of  the  TippingPoint                
          business  from  Enterprise  Servers,  Storage  and  Networking  to  Software.    
          There  was  no  impact  on  the  previously  reported  financial  results  for      
          the  Personal  Systems  and  HP  Financial  Services  segments.                              
                                                                                                                                                        
(b)    As  part  of  a  realignment  of  the  structure  of  HP's  business  in  fiscal      
          2012,  the  Personal  Systems  segment  and  the  Printing  segment  have  been    
          structured  beneath  a  newly  formed  Printing  and  Personal  Systems  Group.  
          While  the  Printing  and  Personal  Systems  Group  is  not  a  financial              
          reporting  segment,  HP  provides  financial  data  aggregating  the  segments  
          within  it  in  order  to  provide  a  supplementary  view  of  its  business.        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                                        SEGMENT  INFORMATION                                                          
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                            Twelve  months  ended      
                                                                                                                    October  31,              
                                                                                                      ------------------------  
                                                                                                              2012                  2011        
                                                                                                      -----------    -----------  
                                                                                                      (Unaudited)                            
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Personal  Systems                                                                  $        35,650    $        39,574  
    Printing                                                                                            24,487              26,176  
                                                                                                      -----------    -----------  
        Total  Printing  and  Personal  Systems  Group(b)                60,137              65,750  
    Services                                                                                            34,922              35,702  
    Enterprise  Servers,  Storage  and  Networking                        20,491              22,064  
    Software                                                                                              4,060                3,367  
    HP  Financial  Services                                                                    3,819                3,596  
    Corporate  Investments                                                                        108                    208  
                                                                                                      -----------    -----------  
        Total  Segments                                                                          123,537            130,687  
    Eliminations  of  intersegment  net  revenue  and                                                            
      other                                                                                                (3,180)            (3,442)
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  net  revenue                            $      120,357    $      127,245  
                                                                                                      ===========    ===========  
                                                                                                                                                        
Earnings  before  taxes:(a)                                                                                                      
                                                                                                                                                        
    Personal  Systems                                                                  $          1,706    $          2,350  
    Printing                                                                                              3,585                3,927  
                                                                                                      -----------    -----------  
        Total  Printing  and  Personal  Systems  Group(b)                  5,291                6,277  
    Services                                                                                              4,095                5,203  
    Enterprise  Servers,  Storage  and  Networking                          2,132                2,997  
    Software                                                                                                  827                    722  
    HP  Financial  Services                                                                        388                    348  
    Corporate  Investments                                                                      (238)            (1,619)
                                                                                                      -----------    -----------  
        Total  segment  earnings  from  operations                            12,495              13,928  
                                                                                                                                                        
    Corporate  and  unallocated  costs  and  eliminations                (790)                (314)
    Unallocated  costs  related  to  stock-based                                                                    
      compensation  expense                                                                      (632)                (618)
    Amortization  of  purchased  intangible  assets                      (1,784)            (1,607)
    Impairment  of  goodwill  and  purchased  intangible                                                      
      assets                                                                                            (18,035)                (885)
    Restructuring  charges                                                                  (2,266)                (645)
    Acquisition-related  charges                                                            (45)                (182)
    Interest  and  other,  net                                                                  (876)                (695)
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  (loss)  earnings  before                                                        
          taxes                                                                                  $      (11,933)  $          8,982  
                                                                                                      ===========    ===========  
                                                                                                                                                        
(a)    Certain  fiscal  2012  organizational  reclassifications  have  been                  
          reflected  retroactively  to  provide  improved  visibility  and                          
          comparability.  For  each  of  the  quarters  in  fiscal  year  2011,  the              
          reclassifications  resulted  in  the  transfer  of  revenue  and  operating        
          profit  among  the  Services,  Printing,  Enterprise  Servers,  Storage  and      
          Networking,  Software  and  Corporate  Investments  financial  reporting          
          segments.  Reclassifications  between  segments  included  the  transfer  of    
          the  Indigo  Scitex  support  and  the  LaserJet  and  enterprise  solutions        
          trade  support  businesses  from  Services  to  Printing,  the  transfer  of  the
          business  intelligence  services  business  from  Corporate  Investments  to    
          Services,  the  transfer  of  the  information  management  services  business  
          from  Software  to  Services,  and  the  transfer  of  the  TippingPoint                
          business  from  Enterprise  Servers,  Storage  and  Networking  to  Software.    
          There  was  no  impact  on  the  previously  reported  financial  results  for      
          the  Personal  Systems  and  HP  Financial  Services  segments.                              
                                                                                                                                                        
(b)    As  part  of  a  realignment  of  the  structure  of  HP's  business  in  fiscal      
          2012,  the  Personal  Systems  segment  and  the  Printing  segment  have  been    
          structured  beneath  a  newly  formed  Printing  and  Personal  Systems  Group.  
          While  the  Printing  and  Personal  Systems  Group  is  not  a  financial              
          reporting  segment,  HP  provides  financial  data  aggregating  the  segments  
          within  it  in  order  to  provide  a  supplementary  view  of  its  business.        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                  HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                      
                                        SEGMENT  /  BUSINESS  UNIT  INFORMATION                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                            Growth  rate      
                                                                Three  months  ended                                (%)              
                                            -------------------------------------    -------------    
                                            October  31,      July  31,        October  31,                                  
                                                    2012                  2012                  2011            Q/Q          Y/Y      
                                            -----------    -----------    -----------    -----      -----    
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
  Printing  and  Personal                                                                                                            
    Systems  Group(b)                                                                                                                    
    Personal  Systems                                                                                                                    
      Notebooks                    $          4,572    $          4,416    $          5,390            4%        (15%)
      Desktops                                  3,369                3,486                3,946          (3%)      (15%)
      Workstations                              550                    526                    593            5%          (7%)
      Other                                            214                    192                    189          11%          13%  
                                            -----------    -----------    -----------                                  
        Total  Personal                                                                                                                    
          Systems                                8,705                8,620              10,118            1%        (14%)
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
    Printing                                                                                                                                    
      Supplies                                  4,007                4,005                4,041            0%          (1%)
      Commercial  Hardware            1,482                1,445                1,694            3%        (13%)
      Consumer  Hardware                    591                    567                    684            4%        (14%)
                                            -----------    -----------    -----------                                  
        Total  Printing                    6,080                6,017                6,419            1%          (5%)
                                            -----------    -----------    -----------                                  
          Total  Printing                                                                                                                  
            and  Personal                                                                                                                    
            Systems  Group                14,785              14,637              16,537            1%        (11%)
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
  Services                                                                                                                                      
      Infrastructure                                                                                                                      
        Technology                                                                                                                            
        Outsourcing                          3,657                3,665                3,895            0%          (6%)
      Technology  Services            2,629                2,634                2,728            0%          (4%)
      Application  and                                                                                                                    
        Business                                                                                                                                
        Services(c)                          2,425                2,455                2,604          (1%)        (7%)
                                            -----------    -----------    -----------                                  
        Total  Services                    8,711                8,754                9,227            0%          (6%)
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
  Enterprise  Servers,                                                                                                                
    Storage  and                                                                                                                              
    Networking                                                                                                                                
      Industry  Standard                                                                                                                
        Servers                                  3,137                3,187                3,384          (2%)        (7%)
      Storage                                        946                    924                1,088            2%        (13%)
      Business  Critical                                                                                                                
        Systems                                      401                    385                    535            4%        (25%)
      Networking                                  635                    647                    594          (2%)          7%  
                                            -----------    -----------    -----------                                  
        Total  Enterprise                                                                                                                
          Servers,  Storage                                                                                                              
          and  Networking                  5,119                5,143                5,601            0%          (9%)
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
  Software                                      1,171                    973                1,023          20%          14%  
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
  HP  Financial  Services                966                    935                    952            3%            1%  
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
  Corporate  Investments                  13                      19                  (131)      (32%)    (110%)
                                            -----------    -----------    -----------                                  
    Total  segments                      30,765              30,461              33,209            1%          (7%)
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
  Elimination  of                                                                                                                          
    intersegment  net                                                                                                                    
    revenue  and  other                    (806)                (792)            (1,087)          2%        (26%)
                                            -----------    -----------    -----------                                  
                                                                                                                                                        
    Total  HP                                                                                                                                    
      consolidated  net                                                                                                                  
      revenue                        $        29,959    $        29,669    $        32,122            1%          (7%)
                                            ===========    ===========    ===========                                  
                                                                                                                                                        
(a)    Certain  fiscal  2012  organizational  reclassifications  have  been                  
          reflected  retroactively  to  provide  improved  visibility  and                          
          comparability.  For  each  of  the  quarters  in  fiscal  year  2011,  the              
          reclassifications  resulted  in  the  transfer  of  revenue  and  operating        
          profit  among  the  Services,  Printing,  Enterprise  Servers,  Storage  and      
          Networking,  Software  and  Corporate  Investments  financial  reporting          
          segments.  Reclassifications  between  segments  included  the  transfer  of    
          the  Indigo  Scitex  support  and  the  LaserJet  and  enterprise  solutions        
          trade  support  businesses  from  Services  to  Printing,  the  transfer  of  the
          business  intelligence  services  business  from  Corporate  Investments  to    
          Services,  the  transfer  of  the  information  management  services  business  
          from  Software  to  Services,  and  the  transfer  of  the  TippingPoint                
          business  from  Enterprise  Servers,  Storage  and  Networking  to  Software.    
          There  was  no  impact  on  the  previously  reported  financial  results  for      
          the  Personal  Systems  and  HP  Financial  Services  segments.                              
                                                                                                                                                        
(b)    As  part  of  a  realignment  of  the  structure  of  HP's  business  in  fiscal      
          2012,  the  Personal  Systems  segment  and  the  Printing  segment  have  been    
          structured  beneath  a  newly  formed  Printing  and  Personal  Systems  Group.  
          While  the  Printing  and  Personal  Systems  Group  is  not  a  financial              
          reporting  segment,  HP  provides  financial  data  aggregating  the  segments  
          within  it  in  order  to  provide  a  supplementary  view  of  its  business.        
                                                                                                                                                        
(c)    The  former  Application  Services,  Business  Process  Outsourcing  and  Other
          Services  business  units  were  consolidated  into  a  new  Application  and      
          Business  Services  business  unit  in  fiscal  2012.                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        SEGMENT  /  BUSINESS  UNIT  INFORMATION                                          
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                            Twelve  months  ended      
                                                                                                                    October  31,              
                                                                                                      ------------------------  
                                                                                                              2012                  2011        
                                                                                                      -----------    -----------  
                                                                                                      (Unaudited)                            
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Printing  and  Personal  Systems  Group(b)                                                                        
        Personal  Systems                                                                                                                
            Notebooks                                                                        $        18,830    $        21,319  
            Desktops                                                                                    13,888              15,260  
            Workstations                                                                              2,148                2,216  
            Other                                                                                                784                    779  
                                                                                                      -----------    -----------  
                Total  Personal  Systems                                                    35,650              39,574  
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Printing                                                                                                                                
            Supplies                                                                                    16,151              17,154  
            Commercial  Hardware                                                                5,895                6,183  
            Consumer  Hardware                                                                    2,441                2,839  
                                                                                                      -----------    -----------  
                Total  Printing                                                                    24,487              26,176  
                                                                                                      -----------    -----------  
                    Total  Printing  and  Personal  Systems  Group          60,137              65,750  
                                                                                                      -----------    -----------  
                                                                                                                                                        
    Services                                                                                                                                    
            Infrastructure  Technology  Outsourcing                          14,692              15,224  
            Technology  Services                                                              10,463              10,542  
            Application  and  Business  Services(c)                              9,767                9,936  
                                                                                                      -----------    -----------  
                Total  Services                                                                    34,922              35,702  
                                                                                                      -----------    -----------  
                                                                                                                                                        
    Enterprise  Servers,  Storage  and  Networking                                                                
            Industry  Standard  Servers                                                  12,582              13,521  
            Storage                                                                                        3,815                4,056  
            Business  Critical  Systems                                                    1,612                2,095  
            Networking                                                                                  2,482                2,392  
                                                                                                      -----------    -----------  
                Total  Enterprise  Servers,  Storage  and                                                              
                  Networking                                                                          20,491              22,064  
                                                                                                      -----------    -----------  
                                                                                                                                                        
    Software                                                                                              4,060                3,367  
                                                                                                      -----------    -----------  
                                                                                                                                                        
    HP  Financial  Services                                                                    3,819                3,596  
                                                                                                      -----------    -----------  
                                                                                                                                                        
    Corporate  Investments                                                                        108                    208  
                                                                                                      -----------    -----------  
        Total  segments                                                                          123,537            130,687  
                                                                                                      -----------    -----------  
                                                                                                                                                        
    Elimination  of  intersegment  net  revenue  and  other          (3,180)            (3,442)
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  net  revenue                            $      120,357    $      127,245  
                                                                                                      ===========    ===========  
                                                                                                                                                        
(a)    Certain  fiscal  2012  organizational  reclassifications  have  been                  
          reflected  retroactively  to  provide  improved  visibility  and                          
          comparability.  For  each  of  the  quarters  in  fiscal  year  2011,  the              
          reclassifications  resulted  in  the  transfer  of  revenue  and  operating        
          profit  among  the  Services,  Printing,  Enterprise  Servers,  Storage  and      
          Networking,  Software  and  Corporate  Investments  financial  reporting          
          segments.  Reclassifications  between  segments  included  the  transfer  of    
          the  Indigo  Scitex  support  and  the  LaserJet  and  enterprise  solutions        
          trade  support  businesses  from  Services  to  Printing,  the  transfer  of  the
          business  intelligence  services  business  from  Corporate  Investments  to    
          Services,  the  transfer  of  the  information  management  services  business  
          from  Software  to  Services,  and  the  transfer  of  the  TippingPoint                
          business  from  Enterprise  Servers,  Storage  and  Networking  to  Software.    
          There  was  no  impact  on  the  previously  reported  financial  results  for      
          the  Personal  Systems  and  HP  Financial  Services  segments.                              
                                                                                                                                                        
(b)    As  part  of  a  realignment  of  the  structure  of  HP's  business  in  fiscal      
          2012,  the  Personal  Systems  segment  and  the  Printing  segment  have  been    
          structured  beneath  a  newly  formed  Printing  and  Personal  Systems  Group.  
          While  the  Printing  and  Personal  Systems  Group  is  not  a  financial              
          reporting  segment,  HP  provides  financial  data  aggregating  the  segments  
          within  it  in  order  to  provide  a  supplementary  view  of  its  business.        
                                                                                                                                                        
(c)    The  former  Application  Services,  Business  Process  Outsourcing  and  Other
          Services  business  units  were  consolidated  into  a  new  Application  and      
          Business  Services  business  unit  in  fiscal  2012.                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                              SEGMENT  NON-GAAP  OPERATING  MARGIN  SUMMARY  DATA                              
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                    Three                                                          
                                                                                    months              Change  in  Operating    
                                                                                    ended                      Margin  (pts)            
                                                                              -----------      ----------------------  
                                                                              October  31,                                                    
                                                                                      2012                    Q/Q                  Y/Y        
                                                                              -----------      ----------    ----------  
                                                                                                                                                        
Non-GAAP  operating  margin:(a)                                                                                              
    Personal  Systems                                                          3.5%        (1.2  pts)      (2.2  pts)
    Printing                                                                        17.5%          1.7  pts          5.1  pts  
        Printing  and  Personal  Systems                                                                                      
          Group(b)                                                                    9.3%                      -          1.0  pts  
                                                                                                                                                        
    Services                                                                        14.2%          3.2  pts          1.1  pts  
    Enterprise  Servers,  Storage  and                                                                                      
      Networking                                                                    8.3%        (2.6  pts)      (4.5  pts)
    Software                                                                        27.2%          9.2  pts        (0.6  pts)
    HP  Financial  Services                                              10.8%          0.4  pts          0.5  pts  
    Corporate  Investments                                          (638.5%)  (280.6  pts)    752.4  pts  
        Total  segments                                                        11.0%          0.9  pts          0.4  pts  
                                                                                                                                                        
        Total  HP  consolidated  non-GAAP                                                                                    
          operating  margin                                                  10.4%          1.2  pts          0.7  pts  
                                                                                                                                                        
(a)    Certain  fiscal  2012  organizational  reclassifications  have  been                  
          reflected  retroactively  to  provide  improved  visibility  and                          
          comparability.  For  each  of  the  quarters  in  fiscal  year  2011,  the              
          reclassifications  resulted  in  the  transfer  of  revenue  and  operating        
          profit  among  the  Services,  Printing,  Enterprise  Servers,  Storage  and      
          Networking,  Software  and  Corporate  Investments  financial  reporting          
          segments.  Reclassifications  between  segments  included  the  transfer  of    
          the  Indigo  Scitex  support  and  the  LaserJet  and  enterprise  solutions        
          trade  support  businesses  from  Services  to  Printing,  the  transfer  of  the
          business  intelligence  services  business  from  Corporate  Investments  to    
          Services,  the  transfer  of  the  information  management  services  business  
          from  Software  to  Services,  and  the  transfer  of  the  TippingPoint                
          business  from  Enterprise  Servers,  Storage  and  Networking  to  Software.    
          There  was  no  impact  on  the  previously  reported  financial  results  for      
          the  Personal  Systems  and  HP  Financial  Services  segments.                              
                                                                                                                                                        
(b)    As  part  of  a  realignment  of  the  structure  of  HP's  business  in  fiscal      
          2012,  the  Personal  Systems  segment  and  the  Printing  segment  have  been    
          structured  beneath  a  newly  formed  Printing  and  Personal  Systems  Group.  
          While  the  Printing  and  Personal  Systems  Group  is  not  a  financial              
          reporting  segment,  HP  provides  financial  data  aggregating  the  segments  
          within  it  in  order  to  provide  a  supplementary  view  of  its  business.        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        CALCULATION  OF  NET  EARNINGS  PER  SHARE                                      
                                                                  (Unaudited)                                                                
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                  Three  months  ended                  
                                                                              -------------------------------------
                                                                              October  31,        July  31,      October  31,
                                                                                      2012                  2012                  2011      
                                                                              -----------    -----------    -----------
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  (loss)  earnings                          $        (6,854)  $        (8,857)  $              239
                                                                              ===========    ===========    ===========
    Non-GAAP  net  earnings                                $          2,281    $          1,973    $          2,350
                                                                              ===========    ===========    ===========
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  shares  used  to                                                                                      
      compute  basic  net  (loss)  earnings                                                                                
      per  share  and  diluted  net  (loss)  per                                                                          
      share                                                                          1,964                1,971                1,989
    Dilutive  effect  of  employee  stock                                                                                  
      plans                                                                                  3                        4                      16
                                                                              -----------    -----------    -----------
        Weighted-average  shares  used  to                                                                                  
          compute  diluted  net  earnings  per                                                                              
          share                                                                      1,967                1,975                2,005
                                                                              ===========    ===========    ===========
                                                                                                                                                        
GAAP  net  (loss)  earnings  per  share:                                                                                  
    Basic                                                                $          (3.49)  $          (4.49)  $            0.12
    Diluted(a)                                                      $          (3.49)  $          (4.49)  $            0.12
                                                                                                                                                        
Non-GAAP  net  earnings  per  share:                                                                                        
    Basic                                                                $            1.16    $            1.00    $            1.18
    Diluted(b)                                                      $            1.16    $            1.00    $            1.17
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
(a)    GAAP  diluted  net  earnings  per  share  reflects  any  dilutive  effect  of        
          outstanding  stock  options,  performance-based  restricted  units,                  
          restricted  stock  units  and  restricted  stock,  but  that  effect  is                
          excluded  when  calculating  GAAP  diluted  net  (loss)  per  share  because  it  
          would  be  anti-dilutive.                                                                                                
                                                                                                                                                        
(b)    Non-GAAP  diluted  net  earnings  per  share  reflects  any  dilutive  effect  of
          outstanding  stock  options,  performance-based  restricted  units,                  
          restricted  stock  units  and  restricted  stock.                                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        CALCULATION  OF  NET  EARNINGS  PER  SHARE                                      
                                                                  (Unaudited)                                                                
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                              Twelve  months  ended    
                                                                                                                      October  31,            
                                                                                                        ------------------------
                                                                                                                2012                  2011      
                                                                                                        -----------    -----------
                                                                                                                                                        
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  (loss)  earnings                                                    $      (12,650)  $          7,074
                                                                                                        ===========    ===========
    Non-GAAP  net  earnings                                                          $          8,035    $        10,379
                                                                                                        ===========    ===========
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  shares  used  to  compute  basic  net                                                  
      (loss)  earnings  per  share  and  diluted  net  (loss)                                                  
      per  share                                                                                            1,974                2,094
    Dilutive  effect  of  employee  stock  plans                                        10                      34
                                                                                                        -----------    -----------
        Weighted-average  shares  used  to  compute  diluted                                                  
          net  earnings  per  share                                                              1,984                2,128
                                                                                                        ===========    ===========
                                                                                                                                                        
GAAP  net  (loss)  earnings  per  share:                                                                                  
    Basic                                                                                          $          (6.41)  $            3.38
    Diluted(a)                                                                                $          (6.41)  $            3.32
                                                                                                                                                        
Non-GAAP  net  earnings  per  share:                                                                                        
    Basic                                                                                          $            4.07    $            4.96
    Diluted(b)                                                                                $            4.05    $            4.88
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
(a)    GAAP  diluted  net  earnings  per  share  reflects  any  dilutive  effect  of        
          outstanding  stock  options,  performance-based  restricted  units,                  
          restricted  stock  units  and  restricted  stock,  but  that  effect  is                
          excluded  when  calculating  GAAP  diluted  net  (loss)  per  share  because  it  
          would  be  anti-dilutive.                                                                                                
                                                                                                                                                        
(b)    Non-GAAP  diluted  net  earnings  per  share  reflects  any  dilutive  effect  of
          outstanding  stock  options,  performance-based  restricted  units,                  
          restricted  stock  units  and  restricted  stock.                                                      
                                                                                                                                                        
 

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