HP Reports Third Quarter 2005 Results


Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margins, expenses, earnings, charges, cash repatriation and related tax adjustments or other financial items; any statements of the plans, strategies, and objectives of management for future operations, including execution of any restructuring plans; any statements concerning the expected development, performance or market share relating to products or services; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; execution and performance of contracts by suppliers, customers and partners; employee management issues; the challenge of managing asset levels, including inventory; the difficulty of aligning expense levels with revenue changes; assumptions related to pension and other post- retirement costs; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the risks described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2005 and other reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2004. HP assumes no obligation and does not intend to update these forward-looking statements.
               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
            CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                             (Unaudited)
                (In millions except per share amounts)

                                               Three months ended
                                          ----------------------------
                                          July 31, April 30, July 31,
                                            2005     2005      2004(a)
                                          -------- --------- ---------

Net revenue                               $20,759   $21,570   $18,889

Costs and expenses:
     Cost of sales                         15,942    16,429    14,545
     Research and development                 863       890       877
     Selling, general and administrative    2,761     2,933     2,621
     Amortization of purchased intangible
      assets                                  168       151       146
     Restructuring charges                    112         4         9
     Acquisition-related charges                -         -         6
     In-process research and development
      charge                                    -         -        28
                                          --------  --------  --------
          Total costs and expenses         19,846    20,407    18,232
                                          --------  --------  --------

Earnings from operations                      913     1,163       657

Interest and other, net                       119       (87)       20
(Losses) gains on investments                  (6)        3         1
Dispute settlement                              7         -         -
                                          --------  --------  --------

Earnings before taxes                       1,033     1,079       678

Provision for taxes                           960       113        92
                                          --------  --------  --------

Net earnings                              $    73   $   966   $   586
                                          ========  ========  ========

Net earnings per share:
     Basic                                         $    0.03      $    0.33      $    0.19
          Diluted                                                            $    0.03      $    0.33      $    0.19


Cash  dividends  declared  per  share                  $    0.16      $          -      $    0.16

Weighted-average  shares  used  to  compute
        net  earnings  per  share:
          Basic                                                                    2,873          2,886          3,037
          Diluted                                                                2,907          2,917          3,057

(a)  Certain  reclassifications  have  been  made  to  prior  year  amounts  in
        order  to  conform  to  the  current  year  presentation.


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                        CONSOLIDATED  CONDENSED  STATEMENTS  OF  EARNINGS
                                                          (Unaudited)
                                (In  millions  except  per  share  amounts)

                                                                                                      Nine  months  ended
                                                                                                                July  31,
                                                                                                    --------------------
                                                                                                        2005              2004(a)
                                                                                                    --------        --------

Net  revenue                                                                              $63,783          $58,516

Costs  and  expenses:
          Cost  of  sales                                                                  48,908            44,418
          Research  and  development                                              2,631              2,690
          Selling,  general  and  administrative                        8,398              7,864
          Amortization  of  purchased  intangible  assets            486                  438
          Restructuring  charges                                                        119                  101
          Acquisition-related  charges                                                -                    30
          In-process  research  and  development  charge                  -                    37
                                                                                                    --------        --------
                    Total  costs  and  expenses                                  60,542            55,578
                                                                                                    --------        --------

Earnings  from  operations                                                        3,241              2,938

Interest  and  other,  net                                                                57                    33
(Losses)  gains  on  investments                                                  (27)                    5
Dispute  settlement                                                                      (109)                (70)
                                                                                                    --------        --------

Earnings  before  taxes                                                              3,162              2,906

Provision  for  taxes                                                                  1,180                  500
                                                                                                    --------        --------

Net  earnings                                                                            $  1,982          $  2,406
                                                                                                    ========        ========

Net  earnings  per  share:
          Basic                                                                                $    0.69          $    0.79
          Diluted                                                                            $    0.68          $    0.78


Cash  dividends  declared  per  share                                  $    0.32          $    0.32

Weighted-average  shares  used  to  compute
        net  earnings  per  share:
          Basic                                                                                    2,889              3,043
          Diluted                                                                                2,919              3,077

(a)  Certain  reclassifications  have  been  made  to  prior  year  amounts  in
        order  to  conform  to  the  current  year  presentation.


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                NON-GAAP  CONSOLIDATED  CONDENSED  STATEMENTS  OF  EARNINGS
                                  Excluding  adjustments  itemized  below
                                                          (Unaudited)
                                (In  millions  except  per  share  amounts)

                                                                                              Three  months  ended
                                                                                    ----------------------------
                                                                                    July  31,  April  30,  July  31,
                                                                                        2005          2005            2004(a)
                                                                                    --------  ---------  ---------

Net  revenue                                                              $20,759      $21,570      $18,889

Costs  and  expenses:
          Cost  of  sales                                                  15,942        16,429        14,545
          Research  and  development                                  863              890              877
          Selling,  general  and  administrative        2,761          2,933          2,621
                                                                                    --------    --------    --------
                    Total  costs  and  expenses                  19,566        20,252        18,043
                                                                                    --------    --------    --------

Non-GAAP  earnings  from  operations                      1,193          1,318              846

Interest  and  other,  net                                              119              (87)              20
Dispute  settlement                                                            7                  -                  -
                                                                                    --------    --------    --------

Non-GAAP  earnings  before  taxes                            1,319          1,231              866

Provision  for  taxes                                                      258              158              138
                                                                                    --------    --------    --------

Non-GAAP  net  earnings                                          $  1,061      $  1,073      $      728
                                                                                    ========    ========    ========

Non-GAAP  net  earnings  per  share:
          Basic                                                                $    0.37      $    0.37      $    0.24
          Diluted                                                            $    0.36      $    0.37      $    0.24

Weighted-average  shares  used  to  compute  non-GAAP
      net  earnings  per  share:
          Basic                                                                    2,873          2,886          3,037
          Diluted                                                                2,915          2,917          3,065

An  itemized  reconciliation  between  net  earnings  on  a  GAAP  basis  and
  non-GAAP  basis  is  as  follows:

GAAP  net  earnings                                                  $        73      $      966      $      586

          Amortization  of  purchased  intangible
            assets                                                                    168              151              146
          Restructuring  charges                                        112                  4                  9
          Acquisition-related  charges                                -                  -                  6
          In-process  research  and  development
            charge                                                                        -                  -                28
                                                                                    --------    --------    --------

          Total  non-GAAP  adjustments  to
            earnings  from  operations                                280              155              189

Losses  (gains)  on  investments                                      6                (3)              (1)
Income  tax  effect  of  reconciling  items                (86)            (45)            (46)
Non-recurring  American  Jobs  Creation  Act
  income  tax  expense                                                      788                  -                  -
                                                                                    --------    --------    --------

Non-GAAP  net  earnings                                          $  1,061      $  1,073      $      728
                                                                                    ========    ========    ========

(a)  Certain  reclassifications  have  been  made  to  prior  year  amounts  in
        order  to  conform  to  the  current  year  presentation.


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                NON-GAAP  CONSOLIDATED  CONDENSED  STATEMENTS  OF  EARNINGS
                                  Excluding  adjustments  itemized  below
                                                          (Unaudited)
                                (In  millions  except  per  share  amounts)

                                                                                                      Nine  months  ended
                                                                                                                July  31,
                                                                                                    --------------------
                                                                                                        2005              2004(a)
                                                                                                    --------        --------

Net  revenue                                                                              $63,783          $58,516

Costs  and  expenses:
          Cost  of  sales                                                                  48,908            44,418
          Research  and  development                                              2,631              2,690
          Selling,  general  and  administrative                        8,398              7,864
                                                                                                    --------        --------
                    Total  costs  and  expenses                                  59,937            54,972
                                                                                                    --------        --------

Non-GAAP  earnings  from  operations                                      3,846              3,544

Interest  and  other,  net                                                                57                    33
Dispute  settlement                                                                      (109)                (70)
                                                                                                    --------        --------

Non-GAAP  earnings  before  taxes                                            3,794              3,507

Provision  for  taxes                                                                      582                  667
                                                                                                    --------        --------

Non-GAAP  net  earnings                                                          $  3,212          $  2,840
                                                                                                    ========        ========

Non-GAAP  net  earnings  per  share:
          Basic                                                                                $    1.11          $    0.93
          Diluted                                                                            $    1.10          $    0.92

Weighted-average  shares  used  to  compute  non-GAAP
  net  earnings  per  share:
          Basic                                                                                    2,889              3,043
          Diluted                                                                                2,919              3,077

An  itemized  reconciliation  between  net  earnings  on  a  GAAP  basis  and
  non-GAAP  basis  is  as  follows:

GAAP  net  earnings                                                                      1,982              2,406

          Amortization  of  purchased  intangible  assets            486                  438
          Restructuring  charges                                                        119                  101
          Acquisition-related  charges                                                -                    30
          In-process  research  and  development  charge                  -                    37
                                                                                                    --------        --------

          Total  non-GAAP  adjustments  to  earnings
                from  operations                                                              605                  606

Losses  (gains)  on  investments                                                    27                    (5)
Income  tax  effect  of  reconciling  items                              (190)              (167)
Non-recurring  American  Jobs  Creation  Act  income
          tax  expense                                                                            788                      -
                                                                                                    --------        --------

Non-GAAP  net  earnings                                                          $  3,212          $  2,840
                                                                                                    ========        ========

(a)  Certain  reclassifications  have  been  made  to  prior  year  amounts  in
        order  to  conform  to  the  current  year  presentation.


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                                CONSOLIDATED  CONDENSED  BALANCE  SHEETS
                                                        (In  millions)

                                                                                                July  31,      October  31,
                                                                                                    2005                2004
                                                                                              -----------  -----------
                                                                                              (unaudited)

ASSETS

Current  assets:
          Cash  and  cash  equivalents                                        $14,445          $12,663
          Short-term  investments                                                        99                  311
          Accounts  receivable,  net                                              8,764            10,226
          Financing  receivables,  net                                          2,578              2,945
          Inventory                                                                            6,644              7,071
          Other  current  assets                                                      9,172              9,685
                                                                                                    --------        --------

                Total  current  assets                                              41,702            42,901

Property,  plant  and  equipment,  net                                    6,430              6,649

Long-term  financing  receivables  and  other
  assets                                                                                          7,431              6,657

Goodwill  and  purchased  intangibles,  net                        19,853            19,931
                                                                                                    --------        --------

Total  assets                                                                            $75,416          $76,138
                                                                                                    ========        ========

LIABILITIES  AND  STOCKHOLDERS'  EQUITY

Current  liabilities:
          Accounts  payable                                                          $  9,070          $  9,377
          Notes  payable  and  short-term  borrowings                2,375              2,511
          Employee  compensation  and  benefits                          1,977              2,208
          Taxes  on  earnings                                                            2,600              1,709
          Deferred  revenue                                                              3,615              2,958
          Accrued  restructuring                                                        197                  193
          Other  accrued  liabilities                                            9,341              9,632
                                                                                                    --------        --------

                Total  current  liabilities                                    29,175            28,588

Long-term  debt                                                                            3,397              4,623
Other  liabilities                                                                      5,458              5,363

Stockholders'  equity                                                              37,386            37,564
                                                                                                    --------        --------

Total  liabilities  and  stockholders'  equity                $75,416          $76,138
                                                                                                    ========        ========


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                      CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS
                                                          (Unaudited)
                                                        (In  millions)

                                                                                          Three  Months    Nine  Months
                                                                                                Ended                Ended
                                                                                              July  31,          July  31,
                                                                                                  2005                  2005
                                                                                          -------------  -----------

Cash  flows  from  operating  activities:
      Net  earnings                                                                      $        73          $  1,982
      Adjustments  to  reconcile  net  earnings  to
      net  cash  provided  by  operating  activities:
          Depreciation  and  amortization                                        588              1,799
          Provision  for  bad  debt  and  inventory                            89                  312
          Losses  on  investments                                                            6                    27
          Restructuring  charges                                                        112                  119
          Deferred  taxes  on  earnings                                            (301)              (124)
          Other,  net                                                                              (74)              (134)

Changes  in  assets  and  liabilities:
          Accounts  and  financing  receivables                              635              1,795
          Inventory                                                                              (314)                  52
          Accounts  payable                                                                  487                (307)
          Taxes  on  earnings                                                            1,237                  878
          Restructuring                                                                        (34)              (118)
          Other  assets  and  liabilities                                        (294)              (139)
                                                                                                    --------        --------
                Net  cash  provided  by  operating
                  activities                                                                  2,210              6,142
                                                                                                    --------        --------

Cash  flows  from  investing  activities:
          Investment  in  property,  plant  and
            equipment,  net                                                                  (332)          (1,473)
          Proceeds  from  sale  of  property,
            plant  and  equipment                                                          124                  466
          Purchases  of  available-for-sale
            securities  &  other  investments                                    (21)          (1,724)
          Maturities  and  sales  of  available-for-sale  
            securities  &  other  investments                                      43              1,947
          Net  cash  paid  for  business  acquisitions,  
            net  of  acquisition  costs                                                  (7)              (339)
                                                                                                    --------        --------
                Net  cash  used  in  investing  activities                (193)          (1,123)
                                                                                                    --------        --------

Cash  flows  from  financing  activities:
          Increase  in  notes  payable  and
              short-term  borrowings,  net                                          202                  279
          Issuance  of  long-term  debt                                                15                    18
          Payment  of  long-term  debt                                          (1,506)          (1,520)
          Issuance  of  common  stock  under  employee
            plans                                                                                      446                  798
          Repurchase  of  common  stock                                            (860)          (2,115)
          Dividends                                                                              (231)              (697)
                                                                                                    --------        --------
                Net  cash  used  in  financing
                  activities                                                                (1,934)          (3,237)
                                                                                                    --------        --------

Increase  in  cash  and  cash  equivalents                                    83              1,782
Cash  and  cash  equivalents  at  beginning  of
  period                                                                                        14,362            12,663
                                                                                                    --------        --------
Cash  and  cash  equivalents  at  end  of  period                $14,445          $14,445
                                                                                                    ========        ========


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                                                  SEGMENT  INFORMATION
                                                          (Unaudited)
                                                        (In  millions)

                                                                                            Three  months  ended
                                                                                  -----------------------------
                                                                                  July  31,    April  30,  July  31,
                                                                                      2005            2005          2004(a)
                                                                                  ---------  ---------  ---------

Net  revenue:

        Enterprise  Storage  and  Servers                $  3,999      $  4,184      $  3,333
        HP  Services                                                          3,837          3,984          3,483
        Software                                                                    249              277              225
                                                                                    --------    --------    --------
    Technology  Solutions  Group                                8,085          8,445          7,041
                                                                                    --------    --------    --------
    Imaging  and  Printing  Group                                5,913          6,390          5,648
    Personal  Systems  Group                                        6,386          6,369          5,904
    Financing                                                                      489              544              488
    Corporate  Investments                                              143              123              113
                                                                                    --------    --------    --------
        Total  segments                                                  21,016        21,871        19,194

    Eliminations  of  intersegment
        net  revenue  and  other                                        (257)          (301)          (305)
                                                                                    --------    --------    --------

        Total  HP  Consolidated                                  $20,759      $21,570      $18,889
                                                                                    ========    ========    ========

Earnings  from  operations:

        Enterprise  Storage  and  Servers                $      150      $      184      $    (211)
        HP  Services                                                              256              292              314
        Software                                                                    (40)              (6)            (48)
                                                                                    --------    --------    --------
    Technology  Solutions  Group                                    366              470                55
                                                                                    --------    --------    --------
    Imaging  and  Printing  Group                                    771              814              836
    Personal  Systems  Group                                            163              147                23
    Financing                                                                        58                58                42
    Corporate  Investments                                              (37)            (51)            (52)
                                                                                    --------    --------    --------
          Total  segments                                                  1,321          1,438              904

    Corporate  and  unallocated  costs
        and  eliminations                                                  (128)          (120)            (58)
    Restructuring  charges                                            (112)              (4)              (9)
    Amortization  of  purchased  intangible
      assets                                                                        (168)          (151)          (146)
    Acquisition-related  charges                                      -                  -                (6)
    In-process  research  and  development
      charges                                                                            -                  -              (28)
    Interest  and  other,  net                                          119              (87)              20
    (Losses)  gains  on  investments                                (6)                3                  1
    Dispute  settlement                                                        7                  -                  -
                                                                                    --------    --------    --------

        Total  HP  Consolidated  Earnings
          Before  Taxes                                                  $  1,033      $  1,079      $      678
                                                                                    ========    ========    ========

(a)  HP  has  reflected  certain  fiscal  2005  organizational  realignments
        on  a  backward-looking  basis  to  provide  improved  visibility  and
        comparability.  In  any  given  quarter,  no  segment's  operating  profit
        changed  more  than  $8  million  as  a  result  of  these  realignments,
        with  typical  movements  ranging  from  $3  million  to  $5  million.


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                                                  SEGMENT  INFORMATION
                                                          (Unaudited)
                                                        (In  millions)

                                                                                                      Nine  months  ended
                                                                                                                July  31,
                                                                                                    --------------------
                                                                                                        2005              2004(a)
                                                                                                    --------        --------

Net  revenue:

        Enterprise  Storage  and  Servers                                $12,230          $10,994
        HP  Services                                                                        11,636            10,167
        Software                                                                                    766                  653
                                                                                                    --------        --------
    Technology  Solutions  Group                                              24,632            21,814
                                                                                                    --------        --------
    Imaging  and  Printing  Group                                              18,370            17,656
    Personal  Systems  Group                                                      19,628            18,082
    Financing                                                                                  1,588              1,398
    Corporate  Investments                                                              381                  330
                                                                                                    --------        --------
        Total  segments                                                                  64,599            59,280

    Eliminations  of  intersegment
        net  revenue  and  other                                                        (816)              (764)
                                                                                                    --------        --------

        Total  HP  Consolidated                                                  $63,783          $58,516
                                                                                                    ========        ========

Earnings  from  operations:

        Enterprise  Storage  and  Servers                                $      405          $        61
        HP  Services                                                                              829                  907
        Software                                                                                    (86)              (149)
                                                                                                    --------        --------
    Technology  Solutions  Group                                                1,148                  819
                                                                                                    --------        --------
    Imaging  and  Printing  Group                                                2,517              2,755
    Personal  Systems  Group                                                            457                  128
    Financing                                                                                      161                  106
    Corporate  Investments                                                            (139)              (136)
                                                                                                    --------        --------
          Total  segments                                                                  4,144              3,672

    Corporate  and  unallocated  costs
        and  eliminations                                                                  (298)              (128)
    Restructuring  charges                                                            (119)              (101)
    Amortization  of  purchased  intangible  assets                (486)              (438)
    Acquisition-related  charges                                                      -                  (30)
    In-process  research  and  development  charges                      -                  (37)
    Interest  and  other,  net                                                            57                    33
    (Losses)  gains  on  investments                                              (27)                    5
    Dispute  settlement                                                                  (109)                (70)
                                                                                                    --------        --------

        Total  HP  Consolidated  Earnings  Before  Taxes      $  3,162          $  2,906
                                                                                                    ========        ========

(a)  HP  has  reflected  certain  fiscal  2005  organizational  realignments
        on  a  backward-looking  basis  to  provide  improved  visibility  and
        comparability.  In  any  given  quarter,  no  segment's  operating  profit
        changed  more  than  $8  million  as  a  result  of  these  realignments,
        with  typical  movements  ranging  from  $3  million  to  $5  million.


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                                  SEGMENT  /  BUSINESS  UNIT  INFORMATION
                                                          (Unaudited)
                                                        (In  millions)

                                                                                            Three  months  ended
                                                                                  -----------------------------
                                                                                  July  31,    April  30,  July  31,
                                                                                      2005            2005          2004(a)
                                                                                  ---------  ---------  ---------

Net  revenue:

          Business  Critical  Systems                        $      885      $      991      $      828
          Industry  Standard  Servers                            2,316          2,368          1,815
          Storage                                                                    798              825              693
          Other                                                                            -                  -                (3)
                                                                                    --------    --------    --------
        Enterprise  Storage  and  Servers                    3,999          4,184          3,333
                                                                                    --------    --------    --------
          Technology  Services                                        2,394          2,464          2,245
          Managed  Services                                                  753              771              620
          Consulting  &  Integration                                  690              749              615
          Other                                                                            -                  -                  3
                                                                                    --------    --------    --------
        HP  Services                                                          3,837          3,984          3,483
                                                                                    --------    --------    --------
          OpenView                                                                  164              183              145
          OpenCall  &  Other                                                    85                94                80
                                                                                    --------    --------    --------
        Software                                                                    249              277              225
                                                                                    --------    --------    --------
    Technology  Solutions  Group                                8,085          8,445          7,041
                                                                                    --------    --------    --------
          Commercial  Hardware                                        1,624          1,723          1,546
          Consumer  Hardware                                                842          1,019              834
          Supplies                                                              3,389          3,590          3,192
          Other                                                                          58                58                76
                                                                                    --------    --------    --------
    Imaging  and  Printing  Group                                5,913          6,390          5,648
                                                                                    --------    --------    --------
          Desktops                                                              3,335          3,520          3,428
          Notebooks                                                            2,418          2,212          2,003
          Workstations                                                          317              327              248
          Handhelds                                                                171              189              169
          Other                                                                        145              121                56
                                                                                    --------    --------    --------
    Personal  Systems  Group                                        6,386          6,369          5,904
                                                                                    --------    --------    --------
    Financing                                                                      489              544              488
    Corporate  Investments                                              143              123              113
                                                                                    --------    --------    --------
          Total  segments                                                21,016        21,871        19,194
                                                                                    --------    --------    --------

    Eliminations  of  intersegment
        net  revenue  and  other                                        (257)          (301)          (305)
                                                                                    --------    --------    --------

        Total  HP  Consolidated                                  $20,759      $21,570      $18,889
                                                                                    ========    ========    ========

(a)  HP  has  reflected  certain  fiscal  2005  organizational  realignments
        on  a  backward-looking  basis  to  provide  improved  visibility  and
        comparability.  In  any  given  quarter,  no  segment's  operating  profit
        changed  more  than  $8  million  as  a  result  of  these  realignments,
        with  typical  movements  ranging  from  $3  million  to  $5  million.


                              HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES
                                  SEGMENT  /  BUSINESS  UNIT  INFORMATION
                                                          (Unaudited)
                                                        (In  millions)

                                                                                                      Nine  months  ended
                                                                                                                July  31,
                                                                                                    --------------------
                                                                                                        2005              2004(a)
                                                                                                    --------        --------
Net  revenue:

          Business  Critical  Systems                                        $  2,775          $  2,715
          Industry  Standard  Servers                                            7,012              5,881
          Storage                                                                                2,443              2,402
          Other                                                                                            -                    (4)
                                                                                                    --------        --------
        Enterprise  Storage  and  Servers                                  12,230            10,994
                                                                                                    --------        --------
          Technology  Services                                                        7,247              6,554
          Managed  Services                                                              2,278              1,753
          Consulting  &  Integration                                              2,111              1,856
          Other                                                                                            -                      4
                                                                                                    --------        --------
        HP  Services                                                                        11,636            10,167
                                                                                                    --------        --------
          OpenView                                                                                  501                  413
          OpenCall  &  Other                                                                  265                  240
                                                                                                    --------        --------
        Software                                                                                    766                  653
                                                                                                    --------        --------
    Technology  Solutions  Group                                              24,632            21,814
                                                                                                    --------        --------
          Commercial  Hardware                                                        4,958              4,684
          Consumer  Hardware                                                            2,975              3,096
          Supplies                                                                            10,251              9,669
          Other                                                                                        186                  207
                                                                                                    --------        --------
    Imaging  and  Printing  Group                                              18,370            17,656
                                                                                                    --------        --------
          Desktops                                                                            10,657            10,412
          Notebooks                                                                            6,968              6,156
          Workstations                                                                          929                  745
          Handhelds                                                                                650                  613
          Other                                                                                        424                  156
                                                                                                    --------        --------
    Personal  Systems  Group                                                      19,628            18,082
                                                                                                    --------        --------
    Financing                                                                                  1,588              1,398
    Corporate  Investments                                                              381                  330
                                                                                                    --------        --------
          Total  segments                                                                64,599            59,280
                                                                                                    --------        --------

    Eliminations  of  intersegment
        net  revenue  and  other                                                        (816)              (764)
                                                                                                    --------        --------

        Total  HP  Consolidated                                                  $63,783          $58,516
                                                                                                    ========        ========

(a)  HP  has  reflected  certain  fiscal  2005  organizational  realignments
        on  a  backward-looking  basis  to  provide  improved  visibility  and
        comparability.  In  any  given  quarter,  no  segment's  operating  profit
        changed  more  than  $8  million  as  a  result  of  these  realignments,
        with  typical  movements  ranging  from  $3  million  to  $5  million.
 





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