HP Reports Fiscal 2015 Second Quarter Results

                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
                     SEGMENT/BUSINESS UNIT INFORMATION                      
                                (Unaudited)                                 
                               (In millions)                                
                                                                            
                                                       Six months ended     
                                                           April 30,        
                                                   ------------------------ 
                                                       2015         2014    
                                                   -----------  ----------- 
Net revenue:(a)                                                             
                                                                            
  Printing and Personal Systems Group                                       
    Personal Systems                                                        
      Notebooks                                    $     8,894  $     8,312 
      Desktops                                           5,711        6,617 
      Workstations                                       1,039        1,081 
      Other                                                640          696 
                                                   -----------  ----------- 
        Total Personal Systems                          16,284       16,706 
                                                   -----------  ----------- 
                                                                            
    Printing                                                                
      Supplies                                           7,285         7,661  
            Commercial  Hardware                                                                2,620                2,749  
            Consumer  Hardware                                                                    1,091                1,239  
                                                                                                      -----------    -----------  
                Total  Printing                                                                    10,996              11,649  
                                                                                                      -----------    -----------  
                    Total  Printing  and  Personal  Systems                                                              
                      Group                                                                                27,280              28,355  
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Enterprise  Group                                                                                                                
            Industry  Standard  Servers                                                    6,525                6,007  
            Technology  Services                                                                3,919                4,208  
            Storage                                                                                        1,577                1,642  
            Networking                                                                                  1,118                1,288  
            Business  Critical  Systems                                                        403                    458  
                                                                                                      -----------    -----------  
                Total  Enterprise  Group                                                    13,542              13,603  
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Enterprise  Services                                                                                                          
            Infrastructure  Technology  Outsourcing                            6,003                7,098  
            Application  and  Business  Services                                    3,807                4,199  
                                                                                                      -----------    -----------  
                Total  Enterprise  Services                                                9,810              11,297  
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Software                                                                                          1,763                1,887  
                                                                                                      -----------    -----------  
                                                                                                                                                        
        HP  Financial  Services                                                                1,608                1,737  
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Corporate  Investments                                                                      18                    294  
                                                                                                      -----------    -----------  
                Total  segments                                                                    54,021              57,173  
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Elimination  of  intersegment  net  revenue  and                                                          
          other                                                                                            (1,729)            (1,710)
                                                                                                      -----------    -----------  
                                                                                                                                                        
        Total  HP  consolidated  net  revenue                            $        52,292    $        55,463  
                                                                                                      ===========    ===========  
                                                                                                                                                        
(a)    Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2015,  HP          
          implemented  an  organizational  change  to  align  its  segment  financial        
          reporting  more  closely  with  its  current  business  structure.  This              
          organizational  change  resulted  in  the  transfer  of  third  party  multi-      
          vendor  support  arrangements  from  the  Technology  Services  business  unit  
          within  the  Enterprise  Group  segment  to  the  Infrastructure  Technology      
          Outsourcing  business  unit  within  the  Enterprise  Services  segment.  HP      
          reflected  this  change  to  its  segment  information  in  prior  reporting        
          periods  on  an  as-if  basis,  which  resulted  in  the  removal  of                        
          intersegment  revenue  from  the  Technology  Services  business  unit  within  
          the  Enterprise  Group  segment  and  the  related  corporate  intersegment        
          revenue  eliminations.  This  change  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)            
                                                                                  ----------    ----------------------  
                                                                                  April  30,                                                    
                                                                                        2015                  Q/Q                  Y/Y        
                                                                                  ----------    ----------    ----------  
                                                                                                                                                        
Segment  operating  margin:(a)                                                                                                
    Personal  Systems                                                            3.0%      (0.7  pts)      (0.5  pts)
    Printing                                                                          18.3%      (0.9  pts)      (1.2  pts)
        Total  Printing  &  Personal  Systems                                                                              
          Group                                                                            9.3%      (0.5  pts)      (0.9  pts)
                                                                                                                                                        
    Enterprise  Group                                                          14.5%      (1.1  pts)        0.1  pts  
    Enterprise  Services                                                      4.0%        1.0  pts          1.4  pts  
    Software                                                                          17.9%      (0.1  pts)      (1.3  pts)
    HP  Financial  Services                                                10.6%      (0.6  pts)      (0.8  pts)
    Corporate  Investments(b)                                              NM                    NM                    NM  
        Total  segments                                                            9.4%      (0.5  pts)      (0.3  pts)
                                                                                                                                                        
                                                                                                                                                        
(a)    Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2015,  HP          
          implemented  an  organizational  change  to  align  its  segment  financial        
          reporting  more  closely  with  its  current  business  structure.  This              
          organizational  change  resulted  in  the  transfer  of  third  party  multi-      
          vendor  support  arrangements  from  the  Technology  Services  business  unit  
          within  the  Enterprise  Group  segment  to  the  Infrastructure  Technology      
          Outsourcing  business  unit  within  the  Enterprise  Services  segment.  HP      
          reflected  this  change  to  its  segment  information  in  prior  reporting        
          periods  on  an  as-if  basis,  which  resulted  in  the  removal  of                        
          intersegment  revenue  from  the  Technology  Services  business  unit  within  
          the  Enterprise  Group  segment  and  the  related  corporate  intersegment        
          revenue  eliminations,  and  the  transfer  of  operating  profit  from  the        
          Technology  Services  business  unit  within  the  Enterprise  Group  segment    
          to  the  Infrastructure  Technology  Outsourcing  business  unit  within  the    
          Enterprise  Services  segment.  This  change  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                
                                                                                  -----------------------------------
                                                                                    April  30,    January  31,    April  30,  
                                                                                          2015                2015                2014      
                                                                                  -----------  -----------  -----------
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings                                            $          1,011  $          1,366  $          1,273
                                                                                  ===========  ===========  ===========
    Non-GAAP  net  earnings                                    $          1,596  $          1,705  $          1,691
                                                                                  ===========  ===========  ===========
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  shares  outstanding                                                                              
      during  the  reporting  period                                  1,814              1,833              1,890
    Dilutive  effect  of  employee  stock                                                                                  
      plans(a)                                                                              22                    28                    26
                                                                                  -----------  -----------  -----------
        Weighted-average  shares  used  to                                                                                  
          compute  diluted  net  earnings  per                                                                              
          share                                                                          1,836              1,861              1,916
                                                                                  ===========  ===========  ===========
                                                                                                                                                        
GAAP  diluted  net  earnings  per  share            $            0.55  $            0.73  $            0.66
                                                                                  ===========  ===========  ===========
Non-GAAP  diluted  net  earnings  per  share    $            0.87  $            0.92  $            0.88
                                                                                  ===========  ===========  ===========
                                                                                                                                                        
(a)    Includes  any  dilutive  effect  of  restricted  stock  units,  restricted          
          stock,  stock  options  and  performance-based  restricted  stock  units.          
                                                                                                                                                        
 

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