HP Reports Fiscal 2014 Third Quarter Results

More information on HP's earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at www.hp.com/investor/home.

HP's Q3 FY14 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2014Q3webcast.

About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. With the broadest technology portfolio spanning printing, personal systems, software, services and IT infrastructure, HP delivers solutions for customers' most complex challenges in every region of the world. More information about HP is available at http://www.hp.com.

Use of non-GAAP financial information
To supplement HP's consolidated condensed financial statements presented on a generally accepted accounting principles (GAAP) basis, HP provides revenue on a constant currency basis, non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted net earnings per share, gross cash, free cash flow, net capital expenditures, net debt, net cash, operating company net debt and operating company net cash. HP also provides forecasts of non-GAAP diluted net earnings per share. A reconciliation of the adjustments to GAAP results for this quarter and prior periods is included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP's management uses these non-GAAP measures to evaluate its business, the substance behind HP's management's decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP's management compensates for those limitations, and the substantive reasons why HP's management believes that these non-GAAP measures provide useful information to investors is included under "Use of non-GAAP financial measures" after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for revenue, operating profit, operating margin, net earnings, diluted net earnings per share, cash and cash equivalents, cash flow from operations, capital expenditures, or total company debt prepared in accordance with GAAP.

Forward-looking statements
This news 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, HP's effective tax rate, net earnings, net earnings per share, cash flows, benefit plan funding, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring charges; any statements of the plans, strategies and objectives of management for future operations, including the execution of restructuring plans and any resulting cost savings or revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing HP's businesses; the competitive pressures faced by HP's businesses; risks associated with executing HP's strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of HP's products and services effectively; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; risks associated with HP's international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the execution, timing and results of restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of implementing those plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2013, and HP's other filings with the Securities and Exchange Commission, including HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2014. As in prior periods, the financial information set forth in this release, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from actual reported amounts in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2014. 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,  
                                          2014         2014         2013    
                                                     -----------    -----------    -----------  
                                                                                                                                                        
Net  revenue                                                      $        27,585    $        27,309    $        27,226  
                                                                                                                                                        
Costs  and  expenses:                                                                                                                  
    Cost  of  sales                                                        20,974              20,704              20,859  
    Research  and  development                                        887                    873                    797  
    Selling,  general  and  administrative              3,388                3,391                3,274  
    Amortization  of  intangible  assets                      227                    264                    356  
    Restructuring  charges                                              649                    252                      81  
    Acquisition-related  charges                                      2                        3                        4  
                                                                            -----------    -----------    -----------  
        Total  costs  and  expenses                              26,127              25,487              25,371  
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Earnings  from  operations                                        1,458                1,822                1,855  
                                                                                                                                                        
Interest  and  other,  net                                            (145)                (174)                (146)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Earnings  before  taxes                                              1,313                1,648                1,709  
                                                                                                                                                        
Provision  for  taxes                                                    (328)                (375)                (319)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Net  earnings                                                    $              985    $          1,273    $          1,390  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Net  earnings  per  share:                                                                                                          
    Basic                                                              $            0.53    $            0.67    $            0.72  
    Diluted                                                          $            0.52    $            0.66    $            0.71  
                                                                                                                                                        
Cash  dividends  declared  per  share          $            0.32    $                  -    $            0.29  
                                                                                                                                                        
                                                                                                                                                        
Weighted-average  shares  used  to                                                                                          
  compute  net  earnings  per  share:                                                                                        
    Basic                                                                          1,870                1,890                1,929  
    Diluted                                                                      1,899                1,916                1,948  
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                              CONSOLIDATED  CONDENSED  STATEMENTS  OF  EARNINGS                                
                                                                (Unaudited)                                                                  
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                              Nine  months  ended        
                                                                                                                      July  31,                  
                                                                                                      ------------------------  
                                                                                                              2014                  2013        
                                                                                                      -----------    -----------  
                                                                                                                                                        
Net  revenue                                                                                $        83,048    $        83,167  
                                                                                                                                                        
Costs  and  expenses:                                                                                                                  
    Cost  of  sales                                                                                  63,414              63,943  
    Research  and  development                                                              2,571                2,406  
    Selling,  general  and  administrative                                        9,989                9,916  
    Amortization  of  intangible  assets                                                774                1,056  
    Restructuring  charges                                                                    1,015                    619  
    Acquisition-related  charges                                                                8                      19  
                                                                                                      -----------    -----------  
        Total  costs  and  expenses                                                        77,771              77,959  
                                                                                                      -----------    -----------  
                                                                                                                                                        
Earnings  from  operations                                                                  5,277                5,208  
                                                                                                                                                        
Interest  and  other,  net                                                                      (482)                (518)
                                                                                                      -----------    -----------  
                                                                                                                                                        
Earnings  before  taxes                                                                        4,795                4,690  
                                                                                                                                                        
Provision  for  taxes                                                                          (1,112)                (991)
                                                                                                      -----------    -----------  
                                                                                                                                                        
Net  earnings                                                                              $          3,683    $          3,699  
                                                                                                      ===========    ===========  
                                                                                                                                                        
Net  earnings  per  share:                                                                                                          
    Basic                                                                                        $            1.95    $            1.91  
    Diluted                                                                                    $            1.93    $            1.89  
                                                                                                                                                        
Cash  dividends  declared  per  share                                    $            0.61    $            0.55  
                                                                                                                                                        
                                                                                                                                                        
Weighted-average  shares  used  to  compute  net                                                                  
  earnings  per  share:                                                                                                                
    Basic                                                                                                    1,889                1,939  
    Diluted                                                                                                1,913                1,952  
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                ADJUSTMENTS  TO  GAAP  NET  EARNINGS,  EARNINGS  FROM  OPERATIONS,                  
                        OPERATING  MARGIN  AND  DILUTED  NET  EARNINGS  PER  SHARE                          
                                                                (Unaudited)                                                                  
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                            Three      Diluted        Three      Diluted        Three    Diluted    
                                          months          net          months          net          months          net      
                                          ended      earnings      ended      earnings      ended      earnings  
                                        July  31,        per            April          per        July  31,        per      
                                            2014          share      30,  2014      share          2013          share    
                                        --------  --------    --------  --------    --------  --------  
                                                                                                                                                        
GAAP  net  earnings      $        985  $      0.52    $    1,273  $      0.66    $    1,390  $      0.71  
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
    Amortization  of                                                                                                                      
      intangible                                                                                                                              
      assets                                227          0.12              264          0.14              356          0.19  
    Restructuring                                                                                                                          
      charges                              649          0.34              252          0.13                81          0.04  
    Acquisition-                                                                                                                            
      related  charges                  2                -                  3                -                  4                -  
    Adjustments  for                                                                                                                      
      taxes                                (165)      (0.09)          (101)      (0.05)          (155)      (0.08)
                                        --------  --------    --------  --------    --------  --------  
Non-GAAP  net                                                                                                                                
  earnings                      $    1,698  $      0.89    $    1,691  $      0.88    $    1,676  $      0.86  
                                        ========  ========    ========  ========    ========  ========  
                                                                                                                                                        
                                                                                                                                                        
GAAP  earnings  from                                                                                                                    
  operations                  $    1,458                      $    1,822                      $    1,855                    
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
    Amortization  of                                                                                                                      
      intangible                                                                                                                              
      assets                                227                                264                                356                    
    Restructuring                                                                                                                          
      charges                              649                                252                                  81                    
    Acquisition-                                                                                                                            
      related  charges                  2                                    3                                    4                    
                                        --------                      --------                      --------                    
Non-GAAP  earnings                                                                                                                      
  from  operations        $    2,336                      $    2,341                      $    2,296                    
                                        ========                      ========                      ========                    
                                                                                                                                                        
GAAP  operating                                                                                                                            
  margin                                        5%                                  7%                                  7%                  
Non-GAAP                                                                                                                                        
  adjustments                              3%                                  2%                                  1%                  
                                        --------                      --------                      --------                    
Non-GAAP  operating                                                                                                                    
  margin                                        8%                                  9%                                  8%                  
                                        ========                      ========                      ========                    
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                ADJUSTMENTS  TO  GAAP  NET  EARNINGS,  EARNINGS  FROM  OPERATIONS,                  
                        OPERATING  MARGIN  AND  DILUTED  NET  EARNINGS  PER  SHARE                          
                                                                (Unaudited)                                                                  
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                              Nine        Diluted          Nine        Diluted    
                                                                            months            net          months            net      
                                                                            ended        earnings      ended        earnings  
                                                                          July  31,          per        July  31,          per      
                                                                              2014            share          2013            share    
                                                                          --------    --------    --------    --------  
                                                                                                                                                        
GAAP  net  earnings                                        $    3,683    $      1.93    $    3,699    $      1.89  
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Amortization  of  intangible  assets              774            0.40          1,056            0.54  
    Restructuring  charges                                  1,015            0.53              619            0.32  
    Acquisition-related  charges                              8                  -                19            0.01  
    Adjustments  for  taxes                                    (349)        (0.18)          (414)        (0.21)
                                                                          --------    --------    --------    --------  
Non-GAAP  net  earnings                                $    5,131    $      2.68    $    4,979    $      2.55  
                                                                          ========    ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
GAAP  earnings  from  operations                $    5,277                        $    5,208                      
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Amortization  of  intangible  assets              774                              1,056                      
    Restructuring  charges                                  1,015                                  619                      
    Acquisition-related  charges                              8                                    19                      
                                                                          --------                        --------                      
Non-GAAP  earnings  from  operations        $    7,074                        $    6,902                      
                                                                          ========                        ========                      
                                                                                                                                                        
GAAP  operating  margin                                              6%                                    6%                    
Non-GAAP  adjustments                                                3%                                    2%                    
                                                                          --------                        --------                      
Non-GAAP  operating  margin                                      9%                                    8%                    
                                                                          ========                        ========                      
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        CONSOLIDATED  CONDENSED  BALANCE  SHEETS                                      
                                                                (In  millions)                                                              
                                                                                                                                                        
                                                                                                                          As  of                    
                                                                                                      -------------------------
                                                                                                          July  31,        October  31,
                                                                                                              2014                  2013        
                                                                                                      ------------  ------------
                                                                                                        (Unaudited)                          
ASSETS                                                                                                                                            
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                                $          14,474  $          12,163
    Accounts  receivable                                                                        14,198              15,876
    Financing  receivables                                                                      3,130                3,144
    Inventory                                                                                              6,249                6,046
    Other  current  assets                                                                      11,236              13,135
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  current  assets                                                                  49,287              50,364
                                                                                                      ------------  ------------
                                                                                                                                                        
Property,  plant  and  equipment                                                        11,434              11,463
                                                                                                                                                        
Long-term  financing  receivables  and  other  assets                    8,981                9,556
                                                                                                                                                        
Goodwill  and  intangible  assets                                                      33,468              34,293
                                                                                                      ------------  ------------
                                                                                                                                                        
Total  assets                                                                              $        103,170  $        105,676
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Notes  payable  and  short-term  borrowings                    $            2,705  $            5,979
    Accounts  payable                                                                              15,141              14,019
    Employee  compensation  and  benefits                                            4,038                4,436
    Taxes  on  earnings                                                                              1,228                1,203
    Deferred  revenue                                                                                6,434                6,477
    Other  accrued  liabilities                                                            12,930              13,407
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  current  liabilities                                                        42,476              45,521
                                                                                                      ------------  ------------
                                                                                                                                                        
Long-term  debt                                                                                      17,128              16,608
                                                                                                                                                        
Other  liabilities                                                                                14,664              15,891
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    HP  stockholders'  equity                                                                28,509              27,269
    Non-controlling  interests                                                                  393                    387
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  stockholders'  equity                                                      28,902              27,656
                                                                                                      ------------  ------------
                                                                                                                                                        
Total  liabilities  and  stockholders'  equity                  $        103,170  $        105,676
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                            CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS                              
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                                  Three  months      Nine  months  
                                                                                                          ended                  ended        
                                                                                                      July  31,            July  31,      
                                                                                                          2014                    2014          
                                                                                                  ------------    ------------  
Cash  flows  from  operating  activities:                                                                              
    Net  earnings                                                                      $                985    $            3,683  
    Adjustments  to  reconcile  net  earnings  to  net                                                            
      cash  provided  by  operating  activities:                                                                      
        Depreciation  and  amortization                                              1,055                  3,259  
        Stock-based  compensation  expense                                            132                      432  
        Provision  for  doubtful  accounts  and                                                                          
          inventory                                                                                          92                      204  
        Restructuring  charges                                                                  649                  1,015  
        Deferred  taxes  on  earnings                                                        (39)                  (129)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                  (16)                    (49)
        Other,  net                                                                                          51                        65  
                                                                                                                                                        
        Changes  in  operating  assets  and  liabilities                                                          
          (net  of  acquisitions):                                                                                                  
            Accounts  receivable                                                                    72                  1,662  
            Financing  receivables                                                                86                      340  
            Inventory                                                                                    (476)                  (369)
            Accounts  payable                                                                    1,596                  1,196  
            Taxes  on  earnings                                                                      139                      292  
            Restructuring                                                                            (369)              (1,050)
            Other  assets  and  liabilities                                              (310)                  (919)
                                                                                                  ------------    ------------  
                Net  cash  provided  by  operating                                                                            
                  activities                                                                          3,647                  9,632  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
        Investment  in  property,  plant  and  equipment                (1,060)              (2,897)
        Proceeds  from  sale  of  property,  plant  and                                                              
          equipment                                                                                        132                      702  
        Purchases  of  available-for-sale  securities                                                            
          and  other  investments                                                              (556)              (1,007)
        Maturities  and  sales  of  available-for-sale                                                            
          securities  and  other  investments                                          680                  1,224  
        Payments  made  in  connection  with  business                                                              
          acquisitions                                                                                      -                      (20)
                                                                                                  ------------    ------------  
                Net  cash  used  in  investing  activities                        (804)              (1,998)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
        Issuance  of  commercial  paper  and  notes                                                                    
          payable,  net                                                                                    26                        86  
        Issuance  of  debt                                                                                -                  2,005  
        Payment  of  debt                                                                        (2,738)              (4,853)
        Issuance  of  common  stock  under  employee                                                                  
          stock  plans                                                                                    112                      243  
        Repurchase  of  common  stock                                                      (582)              (1,978)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                    16                        49  
        Cash  dividends  paid                                                                    (299)                  (875)
                                                                                                  ------------    ------------  
                Net  cash  used  in  financing  activities                    (3,465)              (5,323)
                                                                                                  ------------    ------------  
                                                                                                                                                        
(Decrease)  increase  in  cash  and  cash  equivalents                  (622)                2,311  
Cash  and  cash  equivalents  at  beginning  of  period              15,096                12,163  
                                                                                                  ------------    ------------  
Cash  and  cash  equivalents  at  end  of  period              $          14,474    $          14,474  
                                                                                                  ============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                      HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                  
                                                          SEGMENT  INFORMATION                                                        
                                                                  (Unaudited)                                                                
                                                                (In  millions)                                                              
                                                                                                                                                        
                                                                                                Three  months  ended                    
                                                                            -------------------------------------  
                                                                                July  31,        April  30,          July  31,    
                                                                                    2014                  2014                  2013        
                                                                            -----------    -----------    -----------  
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Personal  Systems                                        $          8,649    $          8,176    $          7,733  
    Printing                                                                    5,590                5,834                5,809  
                                                                            -----------    -----------    -----------  
        Total  Printing  and  Personal                                                                                          
          Systems  Group                                                  14,239              14,010              13,542  
    Enterprise  Group                                                    6,894                6,657                6,764  
    Enterprise  Services                                              5,590                5,702                5,972  
    Software                                                                        959                    971                1,010  
    HP  Financial  Services                                              855                    867                    879  
    Corporate  Investments                                                  3                        6                        5  
                                                                            -----------    -----------    -----------  
        Total  segments                                                  28,540              28,213              28,172  
    Elimination  of  intersegment  net                                                                                      
      revenue  and  other                                                  (955)                (904)                (946)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  net  revenue  $        27,585    $        27,309    $        27,226  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Earnings  before  taxes:(a)                                                                                                      
                                                                                                                                                        
    Personal  Systems                                        $              346    $              290    $              238  
    Printing                                                                    1,026                1,140                    915  
                                                                            -----------    -----------    -----------  
        Total  Printing  and  Personal                                                                                          
          Systems  Group                                                    1,372                1,430                1,153  
    Enterprise  Group                                                        966                    961                1,023  
    Enterprise  Services                                                  228                    144                    192  
    Software                                                                        203                    186                    203  
    HP  Financial  Services                                                79                      99                      99  
    Corporate  Investments                                            (115)                  (98)                  (82)
                                                                            -----------    -----------    -----------  
        Total  segment  earnings  from                                                                                          
          operations                                                          2,733                2,722                2,588  
                                                                                                                                                        
    Corporate  and  unallocated  costs  and                                                                              
      eliminations                                                            (265)                (251)                (185)
    Stock-based  compensation  expense                      (132)                (130)                (107)
    Amortization  of  intangible  assets                    (227)                (264)                (356)
    Restructuring  charges                                            (649)                (252)                  (81)
    Acquisition-related  charges                                    (2)                    (3)                    (4)
    Interest  and  other,  net                                        (145)                (174)                (146)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  earnings                                                                                    
          before  taxes                                          $          1,313    $          1,648    $          1,709  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
(a)  Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP            
        implemented  certain  organizational  changes  to  align  its  segment                  
        financial  reporting  more  closely  with  its  current  business  structure.      
        These  organizational  changes  include  (i)  transferring  the  HP  Exstream      
        business  from  the  Commercial  Hardware  business  unit  within  the  Printing  
        segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems  
        trade  and  warranty  support  business  from  the  Technology  Services                
        business  unit  within  the  Enterprise  Group  segment  to  the  Other  business  
        unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare    
        and  replacement  parts  business  supporting  the  Personal  Systems  and            
        Printing  segments  from  the  Technology  Services  business  unit  within  the  
        Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal  
        Systems  segment  and  the  Commercial  Hardware  business  unit  within  the        
        Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-        
        related  incubation  activities  previously  reported  in  Corporate  and            
        unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment    
        to  the  Corporate  Investments  segment.  In  addition,  HP  transferred              
        certain  intrasegment  eliminations  from  the  Enterprise  Services  segment    
        and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue            
        eliminations.                                                                                                                      
                                                                                                                                                        
        HP  reflected  these  changes  to  its  segment  information  in  prior  reporting
        periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  revenue        
        among  the  Personal  Systems,  Printing,  the  Enterprise  Group,  Enterprise    
        Services  and  Software  segments.  These  changes  also  resulted  in  the            
        transfer  of  operating  profit  among  the  Personal  Systems,  Printing,  the    
        Enterprise  Group,  Software  and  Corporate  Investments  segments.  These        
        changes  had  no  impact  on  HP's  previously  reported  consolidated  net            
        revenue,  earnings  from  operations,  net  earnings  or  net  earnings  per          
        share.                                                                                                                                    
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                                        SEGMENT  INFORMATION                                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                              Nine  months  ended        
                                                                                                                      July  31,                  
                                                                                                      ------------------------  
                                                                                                                                                        
                                                                                                              2014                  2013        
                                                                                                      -----------    -----------  
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Personal  Systems                                                                  $        25,355    $        23,575  
    Printing                                                                                            17,239              17,849  
                                                                                                      -----------    -----------  
        Total  Printing  and  Personal  Systems  Group                      42,594              41,424  
    Enterprise  Group                                                                            20,544              20,506  
    Enterprise  Services                                                                      16,887              18,143  
    Software                                                                                              2,846                2,928  
    HP  Financial  Services                                                                    2,592                2,717  
    Corporate  Investments                                                                        297                      19  
                                                                                                      -----------    -----------  
        Total  segments                                                                            85,760              85,737  
    Elimination  of  intersegment  net  revenue  and                                                              
      other                                                                                                (2,712)            (2,570)
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  net  revenue                            $        83,048    $        83,167  
                                                                                                      ===========    ===========  
                                                                                                                                                        
Earnings  before  taxes:(a)                                                                                                      
                                                                                                                                                        
    Personal  Systems                                                                  $              915    $              715  
    Printing                                                                                              3,145                2,852  
                                                                                                      -----------    -----------  
        Total  Printing  and  Personal  Systems  Group                        4,060                3,567  
    Enterprise  Group                                                                              2,933                3,167  
    Enterprise  Services                                                                            429                    424  
    Software                                                                                                  534                    538  
    HP  Financial  Services                                                                        279                    297  
    Corporate  Investments                                                                        (92)                (230)
                                                                                                      -----------    -----------  
        Total  segment  earnings  from  operations                              8,143                7,763  
                                                                                                                                                        
    Corporate  and  unallocated  costs  and  eliminations                (637)                (463)
    Stock-based  compensation  expense                                                (432)                (398)
    Amortization  of  intangible  assets                                              (774)            (1,056)
    Restructuring  charges                                                                  (1,015)                (619)
    Acquisition-related  charges                                                              (8)                  (19)
    Interest  and  other,  net                                                                  (482)                (518)
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  earnings  before  taxes        $          4,795    $          4,690  
                                                                                                      ===========    ===========  
                                                                                                                                                        
(a)  Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP            
        implemented  certain  organizational  changes  to  align  its  segment                  
        financial  reporting  more  closely  with  its  current  business  structure.      
        These  organizational  changes  include  (i)  transferring  the  HP  Exstream      
        business  from  the  Commercial  Hardware  business  unit  within  the  Printing  
        segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems  
        trade  and  warranty  support  business  from  the  Technology  Services                
        business  unit  within  the  Enterprise  Group  segment  to  the  Other  business  
        unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare    
        and  replacement  parts  business  supporting  the  Personal  Systems  and            
        Printing  segments  from  the  Technology  Services  business  unit  within  the  
        Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal  
        Systems  segment  and  the  Commercial  Hardware  business  unit  within  the        
        Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-        
        related  incubation  activities  previously  reported  in  Corporate  and            
        unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment    
        to  the  Corporate  Investments  segment.  In  addition,  HP  transferred              
        certain  intrasegment  eliminations  from  the  Enterprise  Services  segment    
        and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue            
        eliminations.                                                                                                                      
                                                                                                                                                        
        HP  reflected  these  changes  to  its  segment  information  in  prior  reporting
        periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  revenue        
        among  the  Personal  Systems,  Printing,  the  Enterprise  Group,  Enterprise    
        Services  and  Software  segments.  These  changes  also  resulted  in  the            
        transfer  of  operating  profit  among  the  Personal  Systems,  Printing,  the    
        Enterprise  Group,  Software  and  Corporate  Investments  segments.  These        
        changes  had  no  impact  on  HP's  previously  reported  consolidated  net            
        revenue,  earnings  from  operations,  net  earnings  or  net  earnings  per          
        share.                                                                                                                                    
                                                                                                                                                        
                                                                                                                                                        
                                  HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                      
                                        SEGMENT  /  BUSINESS  UNIT  INFORMATION                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                                    Growth        
                                                                                  Three  months  ended            rate  (%)      
                                                                        ---------------------------  ----------    
                                                                        July  31,  April  30,  July  31,                          
                                                                            2014            2014          2013        Q/Q      Y/Y    
                                                                        --------  ---------  --------  ----    ----    
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Printing  and  Personal  Systems                                                                                          
      Group                                                                                                                                        
        Personal  Systems                                                                                                                
            Notebooks                                          $    4,359  $      3,977  $    3,722      10%      17%  
            Desktops                                                  3,395          3,343        3,147        2%        8%  
            Workstations                                              579              548            537        6%        8%  
            Other                                                            316              308            327        3%      (3%)
                                                                        --------  ---------  --------                          
                Total  Personal  Systems                  8,649          8,176        7,733        6%      12%  
                                                                        --------  ---------  --------                          
                                                                                                                                                        
        Printing                                                                                                                                
            Supplies                                                  3,660          3,866        3,839      (5%)    (5%)
            Commercial  Hardware                            1,401          1,402        1,405        0%        0%  
            Consumer  Hardware                                    529              566            565      (7%)    (6%)
                                                                        --------  ---------  --------                          
                Total  Printing                                  5,590          5,834        5,809      (4%)    (4%)
                                                                        --------  ---------  --------                          
                    Total  Printing  and                                                                                                
                      Personal  Systems  Group          14,239        14,010      13,542        2%        5%  
                                                                        --------  ---------  --------                          
                                                                                                                                                        
        Enterprise  Group                                                                                                                
            Industry  Standard  Servers                3,097          2,829        2,851        9%        9%  
            Technology  Services                            2,096          2,132        2,152      (2%)    (3%)
            Storage                                                        796              808            833      (1%)    (4%)
            Networking                                                  672              658            644        2%        4%  
            Business  Critical  Systems                    233              230            284        1%    (18%)
                                                                        --------  ---------  --------                          
                Total  Enterprise  Group                  6,894          6,657        6,764        4%        2%  
                                                                        --------  ---------  --------                          
                                                                                                                                                        
        Enterprise  Services                                                                                                          
            Infrastructure  Technology                                                                                          
              Outsourcing                                          3,494          3,597        3,791      (3%)    (8%)
            Application  and  Business                                                                                            
              Services                                                2,096          2,105        2,181        0%      (4%)
                                                                        --------  ---------  --------                          
                Total  Enterprise  Services            5,590          5,702        5,972      (2%)    (6%)
                                                                        --------  ---------  --------                          
                                                                                                                                                        
        Software                                                          959              971        1,010      (1%)    (5%)
                                                                        --------  ---------  --------                          
                                                                                                                                                        
        HP  Financial  Services                                855              867            879      (1%)    (3%)
                                                                        --------  ---------  --------                          
                                                                                                                                                        
        Corporate  Investments                                    3                  6                5    (50%)  (40%)
                                                                        --------  ---------  --------                          
                Total  segments                                28,540        28,213      28,172        1%        1%  
                                                                        --------  ---------  --------                          
                                                                                                                                                        
        Elimination  of  intersegment  net                                                                                  
          revenue  and  other                                    (955)          (904)        (946)      6%        1%  
                                                                        --------  ---------  --------                          
                                                                                                                                                        
            Total  HP  consolidated  net                                                                                          
              revenue                                            $  27,585  $    27,309  $  27,226        1%        1%  
                                                                        ========  =========  ========                          
                                                                                                                                                        
(a)  Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP            
        implemented  certain  organizational  changes  to  align  its  segment                  
        financial  reporting  more  closely  with  its  current  business  structure.      
        These  organizational  changes  include  (i)  transferring  the  HP  Exstream      
        business  from  the  Commercial  Hardware  business  unit  within  the  Printing  
        segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems  
        trade  and  warranty  support  business  from  the  Technology  Services                
        business  unit  within  the  Enterprise  Group  segment  to  the  Other  business  
        unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare    
        and  replacement  parts  business  supporting  the  Personal  Systems  and            
        Printing  segments  from  the  Technology  Services  business  unit  within  the  
        Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal  
        Systems  segment  and  the  Commercial  Hardware  business  unit  within  the        
        Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-        
        related  incubation  activities  previously  reported  in  Corporate  and            
        unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment    
        to  the  Corporate  Investments  segment.  In  addition,  HP  transferred              
        certain  intrasegment  eliminations  from  the  Enterprise  Services  segment    
        and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue            
        eliminations.                                                                                                                      
                                                                                                                                                        
        HP  reflected  these  changes  to  its  segment  information  in  prior  reporting
        periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  revenue        
        among  the  Personal  Systems,  Printing,  the  Enterprise  Group,  Enterprise    
        Services  and  Software  segments.  These  changes  had  no  impact  on  HP's          
        previously  reported  consolidated  net  revenue,  earnings  from  operations,  
        net  earnings  or  net  earnings  per  share.                                                                  
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        SEGMENT  /  BUSINESS  UNIT  INFORMATION                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                    Nine  months  ended  
                                                                                                                            July  31,            
                                                                                                                  ------------------  
                                                                                                                      2014            2013      
                                                                                                                  --------    --------  
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Printing  and  Personal  Systems  Group                                                                              
        Personal  Systems                                                                                                                
            Notebooks                                                                                    $  12,671    $  11,568  
            Desktops                                                                                          10,012          9,571  
            Workstations                                                                                    1,660          1,593  
            Other                                                                                                  1,012              843  
                                                                                                                  --------    --------  
                Total  Personal  Systems                                                          25,355        23,575  
                                                                                                                  --------    --------  
                                                                                                                                                        
        Printing                                                                                                                                
            Supplies                                                                                          11,321        11,854  
            Commercial  Hardware                                                                      4,150          4,190  
            Consumer  Hardware                                                                          1,768          1,805  
                                                                                                                  --------    --------  
                Total  Printing                                                                          17,239        17,849  
                                                                                                                  --------    --------  
                    Total  Printing  and  Personal  Systems  Group                42,594        41,424  
                                                                                                                  --------    --------  
                                                                                                                                                        
        Enterprise  Group                                                                                                                
            Industry  Standard  Servers                                                          9,104          8,651  
            Technology  Services                                                                      6,351          6,606  
            Storage                                                                                              2,438          2,523  
            Networking                                                                                        1,960          1,870  
            Business  Critical  Systems                                                              691              856  
                                                                                                                  --------    --------  
                Total  Enterprise  Group                                                          20,544        20,506  
                                                                                                                  --------    --------  
                                                                                                                                                        
        Enterprise  Services                                                                                                          
            Infrastructure  Technology  Outsourcing                                10,592        11,501  
            Application  and  Business  Services                                          6,295          6,642  
                                                                                                                  --------    --------  
                Total  Enterprise  Services                                                    16,887        18,143  
                                                                                                                  --------    --------  
                                                                                                                                                        
        Software                                                                                                2,846          2,928  
                                                                                                                  --------    --------  
                                                                                                                                                        
        HP  Financial  Services                                                                      2,592          2,717  
                                                                                                                  --------    --------  
                                                                                                                                                        
        Corporate  Investments                                                                          297                19  
                                                                                                                  --------    --------  
                Total  segments                                                                          85,760        85,737  
                                                                                                                  --------    --------  
                                                                                                                                                        
        Elimination  of  intersegment  net  revenue  and  other            (2,712)      (2,570)
                                                                                                                  --------    --------  
                                                                                                                                                        
            Total  HP  consolidated  net  revenue                                    $  83,048    $  83,167  
                                                                                                                  ========    ========  
                                                                                                                                                        
(a)  Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP            
        implemented  certain  organizational  changes  to  align  its  segment                  
        financial  reporting  more  closely  with  its  current  business  structure.      
        These  organizational  changes  include  (i)  transferring  the  HP  Exstream      
        business  from  the  Commercial  Hardware  business  unit  within  the  Printing  
        segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems  
        trade  and  warranty  support  business  from  the  Technology  Services                
        business  unit  within  the  Enterprise  Group  segment  to  the  Other  business  
        unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare    
        and  replacement  parts  business  supporting  the  Personal  Systems  and            
        Printing  segments  from  the  Technology  Services  business  unit  within  the  
        Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal  
        Systems  segment  and  the  Commercial  Hardware  business  unit  within  the        
        Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-        
        related  incubation  activities  previously  reported  in  Corporate  and            
        unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment    
        to  the  Corporate  Investments  segment.  In  addition,  HP  transferred              
        certain  intrasegment  eliminations  from  the  Enterprise  Services  segment    
        and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue            
        eliminations.                                                                                                                      
                                                                                                                                                        
        HP  reflected  these  changes  to  its  segment  information  in  prior  reporting
        periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  revenue        
        among  the  Personal  Systems,  Printing,  the  Enterprise  Group,  Enterprise    
        Services  and  Software  segments.  These  changes  had  no  impact  on  HP's          
        previously  reported  consolidated  net  revenue,  earnings  from  operations,  
        net  earnings  or  net  earnings  per  share.                                                                  
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                      SEGMENT  OPERATING  MARGIN  SUMMARY  DATA                                        
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                                                                                        
                                                                              Three  months        Change  in  Operating    
                                                                                      ended                    Margin  (pts)            
                                                                              ------------    ----------------------  
                                                                                  July  31,                                                      
                                                                                      2014                    Q/Q                  Y/Y        
                                                                              ------------    ----------    ----------  
                                                                                                                                                        
Segment  operating  margin:(a)                                                                                                
    Personal  Systems                                                            4.0%        0.5  pts          0.9  pts  
    Printing                                                                          18.4%      (1.1  pts)        2.6  pts  
        Printing  and  Personal  Systems  Group                  9.6%      (0.6  pts)        1.1  pts  
                                                                                                                                                        
    Enterprise  Group                                                          14.0%      (0.4  pts)      (1.1  pts)
    Enterprise  Services                                                      4.1%        1.6  pts          0.9  pts  
    Software                                                                          21.2%        2.0  pts          1.1  pts  
    HP  Financial  Services                                                  9.2%      (2.2  pts)      (2.1  pts)
    Corporate  Investments(b)                                              NM                    NM                    NM  
        Total  segments                                                            9.6%        0.0  pts          0.4  pts  
                                                                                                                                                        
                                                                                                                                                        
(a)  Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP            
        implemented  certain  organizational  changes  to  align  its  segment                  
        financial  reporting  more  closely  with  its  current  business  structure.      
        These  organizational  changes  include  (i)  transferring  the  HP  Exstream      
        business  from  the  Commercial  Hardware  business  unit  within  the  Printing  
        segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems  
        trade  and  warranty  support  business  from  the  Technology  Services                
        business  unit  within  the  Enterprise  Group  segment  to  the  Other  business  
        unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare    
        and  replacement  parts  business  supporting  the  Personal  Systems  and            
        Printing  segments  from  the  Technology  Services  business  unit  within  the  
        Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal  
        Systems  segment  and  the  Commercial  Hardware  business  unit  within  the        
        Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-        
        related  incubation  activities  previously  reported  in  Corporate  and            
        unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment    
        to  the  Corporate  Investments  segment.  In  addition,  HP  transferred              
        certain  intrasegment  eliminations  from  the  Enterprise  Services  segment    
        and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue            
        eliminations.                                                                                                                      
                                                                                                                                                        
        HP  reflected  these  changes  to  its  segment  information  in  prior  reporting
        periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  revenue        
        among  the  Personal  Systems,  Printing,  the  Enterprise  Group,  Enterprise    
        Services  and  Software  segments.  These  changes  also  resulted  in  the            
        transfer  of  operating  profit  among  the  Personal  Systems,  Printing,  the    
        Enterprise  Group,  Software  and  Corporate  Investments  segments.  These        
        changes  had  no  impact  on  HP's  previously  reported  consolidated  net            
        revenue,  earnings  from  operations,  net  earnings  or  net  earnings  per          
        share.                                                                                                                                    
                                                                                                                                                        
(b)  "NM"  represents  not  meaningful.                                                                                  
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                CALCULATION  OF  DILUTED  NET  EARNINGS  PER  SHARE                              
                                                                  (Unaudited)                                                                
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                    Three  months  ended                
                                                                                  -----------------------------------
                                                                                      July  31,      April  30,        July  31,  
                                                                                          2014                2014                2013      
                                                                                  -----------  -----------  -----------
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings                                            $              985  $          1,273  $          1,390
                                                                                  ===========  ===========  ===========
    Non-GAAP  net  earnings                                    $          1,698  $          1,691  $          1,676
                                                                                  ===========  ===========  ===========
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  number  of  shares                                                                                  
      outstanding  during  the  reporting                                                                                  
      period                                                                            1,870              1,890              1,929
    Dilutive  effect  of  employee  stock                                                                                  
      plans(a)                                                                              29                    26                    19
                                                                                  -----------  -----------  -----------
        Weighted-average  number  of  shares                                                                              
          used  to  compute  diluted  net                                                                                        
          earnings  per  share                                                1,899              1,916              1,948
                                                                                  ===========  ===========  ===========
                                                                                                                                                        
GAAP  diluted  net  earnings  per  share            $            0.52  $            0.66  $            0.71
                                                                                  ===========  ===========  ===========
Non-GAAP  diluted  net  earnings  per  share    $            0.89  $            0.88  $            0.86
                                                                                  ===========  ===========  ===========
                                                                                                                                                        
                                                                                                                                                        
(a)  Includes  any  dilutive  effect  of  outstanding  stock  options,  performance-  
        based  restricted  stock  units,  restricted  stock  units  and  restricted          
        stock.                                                                                                                                    
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                CALCULATION  OF  DILUTED  NET  EARNINGS  PER  SHARE                              
                                                                  (Unaudited)                                                                
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                Nine  months  ended      
                                                                                                                          July  31,              
                                                                                                          -----------------------
                                                                                                                  2014                2013      
                                                                                                          -----------  -----------
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings                                                                    $          3,683  $          3,699
                                                                                                          ===========  ===========
    Non-GAAP  net  earnings                                                            $          5,131  $          4,979
                                                                                                          ===========  ===========
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  number  of  shares  outstanding                                                          
      during  the  reporting  period                                                          1,889              1,939
    Dilutive  effect  of  employee  stock  plans(a)                                    24                    13
                                                                                                          -----------  -----------
        Weighted-average  number  of  shares  used  to                                                              
          compute  diluted  net  earnings  per  share                                1,913              1,952
                                                                                                          ===========  ===========
                                                                                                                                                        
GAAP  diluted  net  earnings  per  share                                    $            1.93  $            1.89
                                                                                                          ===========  ===========
Non-GAAP  diluted  net  earnings  per  share                            $            2.68  $            2.55
                                                                                                          ===========  ===========
                                                                                                                                                        
                                                                                                                                                        
(a)  Includes  any  dilutive  effect  of  outstanding  stock  options,  performance-  
        based  restricted  stock  units,  restricted  stock  units  and  restricted          
        stock.                                                                                                                                    
                                                                                                                                                        
 

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