HP Reports Third Quarter 2013 Results

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
               SEGMENT NON-GAAP OPERATING MARGIN SUMMARY DATA               
                                (Unaudited)                                 
                                                                            
                                                                            
                                                                            
                                       Three months    Change in Operating  
                                          ended           Margin (pts)      
                                      -------------  ---------------------- 
                                         July 31,                           
                                           2013          Q/Q         Y/Y    
                                      -------------  ----------  ---------- 
                                                                            
Non-GAAP operating margin:(a)                                               
  Personal Systems                             3.0%    (0.2 pts)   (1.7 pts)
  Printing                                    15.6%    (0.2 pts)   (0.2 pts)
    Printing and Personal Systems                                           
     Group(b)                                  8.4%    (0.4 pts)   (0.8 pts)
                                                                            
  Enterprise Group                            15.2%    (0.7 pts)   (1.9 pts)
  Enterprise Services                          3.3%     0.7 pts    (0.5 pts)
  Software                                    20.5%     1.4 pts     2.5 pts 
  HP Financial Services                       11.3%     0.3 pts     0.9 pts 
  Corporate Investments                          NM          NM          NM 
    Total segments                             9.3%    (0.1 pts)   (0.8 pts)
                                                                            
    Total HP consolidated non-GAAP                                          
     operating margin                               8.4%        (0.2  pts)      (0.8  pts)
                                                                                                                                                        
                                                                                                                                                        
(a)  HP  has  implemented  certain  organizational  realignments  in  the  first          
        quarter  of  fiscal  2013.  As  a  result  of  these  realignments,  HP  has  re-      
        evaluated  its  segment  financial  reporting  structure  and,  effective  in      
        the  first  quarter  of  fiscal  2013,  created  two  new  financial  reporting      
        segments,  the  Enterprise  Group  segment  and  the  Enterprise  Services            
        segment,  and  eliminated  two  other  financial  reporting  segments,  the          
        Enterprise  Servers,  Storage  and  Networking  ("ESSN")  segment  and  the          
        Services  segment.  The  Enterprise  Group  segment  consists  of  the  business  
        units  within  the  former  ESSN  segment  and  most  of  the  services  offerings  
        of  the  Technology  Services  ("TS")  business  unit,  which  was  previously  a  
        part  of  the  former  Services  segment.  The  Enterprise  Services  segment        
        consists  of  the  Applications  and  Business  Services  ("ABS")  and                    
        Infrastructure  Technology  Outsourcing  ("ITO")  business  units  from  the      
        former  Services  segment,  along  with  the  end-user  workplace  support            
        services  business  that  was  previously  a  part  of  the  TS  business  unit.      
        Taking  into  account  these  changes,  HP  has  the  following  seven  financial  
        reporting  segments:  Personal  Systems,  Printing,  the  Enterprise  Group,      
        Enterprise  Services,  Software,  HP  Financial  Services  and  Corporate            
        Investments.                                                                                                                        
                                                                                                                                                        
        Also  as  a  result  of  these  realignments,  the  financial  results  of  the        
        Personal  Systems  commercial  products  support  business,  which  were              
        previously  reported  as  part  of  the  TS  business  unit,  will  now  be                
        reported  as  part  of  the  Other  business  unit  within  the  Personal  Systems  
        segment,  and  the  financial  results  of  the  portion  of  the  business              
        intelligence  services  business  that  had  continued  to  be  reported  as  part
        of  the  Corporate  Investments  segment  following  the  implementation  of        
        prior  realignment  actions  will  now  be  reported  as  part  of  the  ABS              
        business  unit.  In  addition,  the  end-user  workplace  support  services          
        business,  which,  as  noted  above,  was  previously  a  part  of  the  TS                
        business  unit  and  will  now  become  a  part  of  the  Enterprise  Services          
        segment,  will  be  reported  as  part  of  the  ITO  business  unit  within  that    
        segment.                                                                                                                                
                                                                                                                                                        
        To  provide  improved  visibility  and  comparability,  HP  has  reflected  these
        changes  to  its  reporting  structure  in  prior  financial  reporting  periods  
        on  an  as-if  basis,  which  has  resulted  in  the  transfer  of  revenue  and        
        operating  profit  among  the  Personal  Systems,  the  Enterprise  Group,            
        Enterprise  Services  and  Corporate  Investments  segments.  These  changes      
        had  no  impact  on  the  previously  reported  financial  results  for  the            
        Printing,  Software  or  HP  Financial  Services  segments.  In  addition,  none  
        of  these  changes  impacted  HP's  previously  reported  consolidated  net          
        revenue,  earnings  from  operations,  net  earnings  or  net  earnings  per          
        share.                                                                                                                                    
                                                                                                                                                        
(b)  The  Personal  Systems  segment  and  the  Printing  segment  are  structured        
        beneath  a  broader  Printing  and  Personal  Systems  Group  ("PPS").  While  PPS
        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                  
                                                                                  ----------------------------------  
                                                                                    July  31,        April  30,      July  31,    
                                                                                        2013                2013                2012        
                                                                                  ----------    ----------    ----------  
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings  (loss)                              $        1,390    $        1,077    $      (8,857)
                                                                                  ==========    ==========    ==========  
    Non-GAAP  net  earnings                                    $        1,676    $        1,698    $        1,973  
                                                                                  ==========    ==========    ==========  
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  shares  used  to                                                                                      
      compute  basic  net  earnings  (loss)  per                                                                        
      share  and  diluted  net  (loss)  per                                                                                  
      share                                                                            1,929              1,935              1,971  
    Dilutive  effect  of  employee  stock                                                                                  
      plans                                                                                  19                    12                      4  
                                                                                  ----------    ----------    ----------  
        Weighted-average  shares  used  to                                                                                  
          compute  diluted  net  earnings  per                                                                              
          share                                                                        1,948              1,947              1,975  
                                                                                  ==========    ==========    ==========  
                                                                                                                                                        
GAAP  net  earnings  (loss)  per  share:                                                                                  
    Basic                                                                    $          0.72    $          0.56    $        (4.49)
    Diluted(a)                                                          $          0.71    $          0.55    $        (4.49)
                                                                                                                                                        
Non-GAAP  net  earnings  per  share:                                                                                        
    Basic                                                                    $          0.87    $          0.88    $          1.00  
    Diluted(b)                                                          $          0.86    $          0.87    $          1.00  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
(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)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                              Nine  months  ended        
                                                                                                                      July  31,                  
                                                                                                      ------------------------  
                                                                                                              2013                  2012        
                                                                                                      -----------    -----------  
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings  (loss)                                                  $          3,699    $        (5,796)
                                                                                                      ===========    ===========  
    Non-GAAP  net  earnings                                                        $          4,979    $          5,754  
                                                                                                      ===========    ===========  
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  shares  used  to  compute  basic                                                          
      net  earnings  (loss)  per  share  and  diluted  net                                                        
      (loss)  per  share                                                                            1,939                1,977  
    Dilutive  effect  of  employee  stock  plans                                      13                      15  
                                                                                                      -----------    -----------  
        Weighted-average  shares  used  to  compute                                                                  
          diluted  net  earnings  per  share                                            1,952                1,992  
                                                                                                      ===========    ===========  
                                                                                                                                                        
GAAP  net  earnings  (loss)  per  share:                                                                                  
    Basic                                                                                        $            1.91    $          (2.93)
    Diluted(a)                                                                              $            1.89    $          (2.93)
                                                                                                                                                        
Non-GAAP  net  earnings  per  share:                                                                                        
    Basic                                                                                        $            2.57    $            2.91  
    Diluted(b)                                                                              $            2.55    $            2.89  
                                                                                                                                                        
                                                                                                                                                        
(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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