HP Reports Second Quarter 2007 Results

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



                                                    Six months ended
                                                   -------------------
                                                   April 30, April 30,
                                                     2007      2006
                                                   --------- ---------

Net revenue                                         $50,616   $45,213

Costs and expenses(a):
     Cost of sales                                   38,419    34,362
     Research and development                         1,780     1,801
     Selling, general and administrative              5,952     5,550
     Amortization of purchased intangible assets        413       298
     In-process research and development charges        186        52
     Restructuring                                      412         1
     Pension curtailments and pension settlements,
      net                                              (517)        -
                                                   --------- ---------
          Total costs and expenses                   46,645    42,064
                                                   --------- ---------

Earnings from operations                              3,971     3,149

Interest and other, net                                 198       195
Gains on investments                                     23         4
                                                   --------- ---------

Earnings before taxes                                 4,192     3,348

Provision for taxes(b)                                  870       222
                                                   --------- ---------

Net earnings                                         $3,322    $3,126
                                                   ========= =========

Net earnings per share:
     Basic                                            $1.24     $1.11
     Diluted                                          $1.20     $1.08


Cash dividends declared per share                     $0.16     $0.16

Weighted-average shares used to compute net earnings per share:
     Basic                                            2,672     2,815
     Diluted                                          2,763     2,890

(a) Stock-based compensation expense included under SFAS 123R was as
 follows:
            Cost  of  sales                                                                          $87              $72
            Research  and  development                                                      37                33
            Selling,  general  and  administrative                              193              163
                                                                                                      ---------  ---------
                    Total  costs  and  expenses                                          $317            $268

(b)  Tax  benefit  from  stock-based  compensation                    $(92)          $(82)
 


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