HP Reports First Quarter 2012 Results

Full year fiscal 2012 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.80 per share, related primarily to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

As part of its annual financial review process, HP implemented several organizational realignments effective Q1 FY12. To provide improved visibility and comparability, HP has reflected these realignments in prior financial reporting periods on an as-if basis. These realignments resulted in, among other things, the transfer of revenue within and among various financial reporting segments and business units. The changes do not impact HP's previously reported consolidated net revenue, earnings from operations, net earnings or earnings per share at the company level. To reflect these changes, HP released modified quarterly and annual consolidated condensed statements of earnings, segment financial results and statements of business unit revenue for fiscal 2010 and 2011, which are available on HP's Investor Relations website at www.hp.com/investor/home.

More information on HP's quarterly 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 Q1 FY12 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2012Q1webcast.

About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world's largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. 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 GAAP basis, HP provides non-GAAP net revenue, non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share, gross cash and free cash flow. HP also provides forecasts of non-GAAP diluted earnings per share. A reconciliation of the adjustments to GAAP results for this quarter and prior periods is included in the tables below. In addition, an explanation of the ways in which HP management uses these non-GAAP measures to evaluate its business, the substance behind HP 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 management compensates for those limitations, and the substantive reasons why HP 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 earnings per share, cash and cash equivalents or cash flow from operations 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, earnings, earnings per share, tax provisions, cash flows, benefit obligations, share repurchases, currency exchange rates, the impact of acquisitions or other financial items; any statements of the plans, strategies and objectives of management for future operations, including the execution of cost reduction programs and restructuring and integration plans; any statements concerning the expected development, performance or market share 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 impact of macroeconomic and geopolitical trends and events; the competitive pressures faced by HP's businesses; 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 protection of HP's intellectual property assets, including intellectual property licensed from third parties; integration and other risks associated with business combination and investment transactions; the hiring and retention of key employees; assumptions related to pension and other post-retirement costs; expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring and integration 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, 2011 and HP's other filings with the Securities and Exchange Commission. 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 meaningful, these amounts could differ materially from actual reported amounts in HP's Form 10-Q for the fiscal quarter ended January 31, 2012. In particular, determining HP's actual tax balances and provisions as of January 31, 2012 requires extensive internal and external review of tax data (including consolidating and reviewing the tax provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HP's Form 10-Q. HP assumes no obligation and does not intend to update these forward-looking statements.

© 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
                   (In millions except per share amounts)                   
                                                                       Three  months  ended                          
                                                                    January  31,        October  31,        January  31,  
                                                                          2012                      2011                      2011          
                                                                  ------------      ------------      ------------  
Net  revenue                                            $          30,036      $          32,122      $          32,302  
Costs  and  Expenses:(a)                                                                                                            
    Cost  of  sales                                                23,313                  25,304                  24,381  
    Research  and  development                                786                        829                        798  
    Selling,  general  and                                                                                                            
      administrative                                              3,367                    3,605                    3,117  
    Amortization  of  purchased                                                                                                  
      intangible  assets                                            466                        411                        425  
    Restructuring  charges                                        40                        179                        158  
    Acquisition-related  charges                            22                        114                          29  
    Impairment  of  goodwill  and                                                                                                
      purchased  intangible  assets                            -                        885                            -  
                                                                  ------------      ------------      ------------  
        Total  costs  and  expenses                      27,994                  31,327                  28,908  
                                                                  ------------      ------------      ------------  
Earnings  from  operations                                2,042                        795                    3,394  
Interest  and  other,  net                                    (221)                    (401)                      (97)
                                                                  ------------      ------------      ------------  
Earnings  before  taxes                                      1,821                        394                    3,297  
Provision  for  taxes                                              353                        155                        692  
                                                                  ------------      ------------      ------------  
Net  earnings                                          $            1,468      $                239      $            2,605  
                                                                  ============      ============      ============  
Net  earnings  per  share:                                                                                                          
    Basic                                                    $              0.74      $              0.12      $              1.19  
    Diluted                                                $              0.73      $              0.12      $              1.17  
Cash  dividends  declared  per                                                                                                  
  share                                                      $              0.24      $                    -      $              0.16  
Weighted-average  shares  used  to                                                                                          
  compute  net  earnings  per  share:                                                                                        
    Basic                                                                  1,981                    1,989                    2,182  
    Diluted                                                              1,998                    2,005                    2,226  

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