HP Reports First Quarter 2008 Results

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
     ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
               OPERATING MARGIN AND EARNINGS PER SHARE
                             (Unaudited)
                (In millions except per share amounts)

                     Three            Three            Three
                    months           months           months
                     ended  Diluted   ended  Diluted   ended  Diluted
                    January earnings October earnings January earnings
                      31,     per      31,     per      31,     per
                     2008     share   2007     share   2007     share
                    ---------------- ---------------- ----------------

GAAP net earnings   $2,133   $ 0.80  $2,164   $ 0.81  $1,547   $ 0.55

Non-GAAP
 adjustments:
  Amortization of
   purchased
   intangible assets   206     0.08     187     0.07     201     0.07
  In-process
   research and
   development
   charges               -        -       4        -     167     0.06
  Restructuring         10        -     (20)   (0.01)    (41)   (0.02)
  Pension
   curtailments and
   pension
   settlements, net      -        -       -        -      (9)       -
  Adjustments for
   taxes               (58)   (0.02)    (39)   (0.01)    (39)   (0.01)
                    ------- -------- ------- -------- ------- --------

Non-GAAP net
 earnings           $2,291   $ 0.86  $2,296   $ 0.86  $1,826   $ 0.65
                    ======= ======== ======= ======== ======= ========


GAAP earnings from
 operations         $2,613           $2,632           $1,843

Non-GAAP
 adjustments:
  Amortization of
   purchased
   intangible assets   206              187              201
  In-process
   research and
   development
   charges               -                4              167
  Restructuring         10              (20)             (41)
  Pension
   curtailments and
   pension
   settlements, net      -                -               (9)
                    -------          -------          -------

Non-GAAP earnings
 from operations    $2,829           $2,803           $2,161
                    =======          =======          =======

GAAP operating
 margin                  9%               9%               7%
Non-GAAP adjustments     1%               1%               2%
                    -------          -------          -------

Non-GAAP operating
 margin                 10%              10%               9%
                    =======          =======          =======

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

                                               January 31, October 31,
                                                  2008        2007
                                               ----------- -----------
                                                     (unaudited)

ASSETS

Current  assets:
          Cash  and  cash  equivalents                                  $          9,903  $        11,293
          Short-term  investments                                                          73                  152
          Accounts  receivable                                                        12,384            13,420
          Financing  receivables                                                      2,561              2,507
          Inventory                                                                              7,938              8,033
          Other  current  assets                                                      11,767            11,997
                                                                                              -----------  -----------

                Total  current  assets                                                44,626            47,402
                                                                                              -----------  -----------

Property,  plant  and  equipment                                                7,804              7,798

Long-term  financing  receivables  and  other
  assets                                                                                          10,325              7,647

Goodwill  and  purchased  intangible  assets                        25,817            25,852
                                                                                              -----------  -----------

Total  assets                                                                      $        88,572  $        88,699
                                                                                              ===========  ===========


LIABILITIES  AND  STOCKHOLDERS'  EQUITY

Current  liabilities:
          Notes  payable  and  short-term  borrowings      $          2,212  $          3,186
          Accounts  payable                                                              11,162            11,787
          Employee  compensation  and  benefits                            2,657              3,465
          Taxes  on  earnings                                                                  420              1,891
          Deferred  revenue                                                                5,314              5,025
          Accrued  restructuring                                                            95                  123
          Other  accrued  liabilities                                            14,798            13,783
                                                                                              -----------  -----------

                Total  current  liabilities                                      36,658            39,260
                                                                                              -----------  -----------

Long-term  debt                                                                              5,099              4,997
Other  liabilities                                                                        8,871              5,916

Stockholders'  equity                                                                37,944            38,526
                                                                                              -----------  -----------

Total  liabilities  and  stockholders'  equity          $        88,572  $        88,699
                                                                                              ===========  ===========
 


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