HP’s Profit Falls 91%, but It Beats Expectations



                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS                
                   (In millions except per share amounts)                   
                                                                            
                                                                            
                                                     Twelve months ended    
                                                         October 31,        
                                                 -------------------------- 
                                                     2011          2010     
                                                 ------------  ------------ 
                                                  (Unaudited)               
                                                                            
Net revenue                                      $    127,245  $    126,033 
                                                                            
Costs and expenses:(a)                                                      
  Cost of sales                                        97,529        95,956 
  Research and development                              3,254         2,959 
  Selling, general and administrative                  13,466        12,718 
  Amortization of purchased intangible assets           1,607         1,484 
  Restructuring charges                                   645         1,144 
  Acquisition-related charges                             182           293 
  Impairment of goodwill and purchased                                      
   intangible assets                                      885             - 
                                                 ------------  ------------ 
    Total costs and expenses                          117,568       114,554 
                                                 ------------  ------------ 
                                                                                                                   
Earnings  from  operations                                                                9,677                11,479  
                                                                                                                                                        
Interest  and  other,  net                                                                    (695)                  (505)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Earnings  before  taxes                                                                      8,982                10,974  
                                                                                                                                                        
Provision  for  taxes                                                                          1,908                  2,213  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Net  earnings                                                                          $            7,074    $            8,761  
                                                                                                  ============    ============  
                                                                                                                                                        
Net  earnings  per  share:                                                                                                          
    Basic                                                                                    $              3.38    $              3.78  
    Diluted                                                                                $              3.32    $              3.69  
                                                                                                                                                        
                                                                                                                                                        
Cash  dividends  declared  per  share                                $              0.40    $              0.32  
                                                                                                                                                        
Weighted-average  shares  used  to  compute  net                                                                  
  earnings  per  share:                                                                                                                
    Basic                                                                                                  2,094                  2,319  
    Diluted                                                                                              2,128                  2,372  
                                                                                                                                                        
                                                                                                                                                        
(a)  In  connection  with  organizational  realignments  implemented  in  the  first  
        quarter  of  fiscal  2011,  certain  costs  previously  reported  as  Cost  of        
        Sales  have  been  reclassified  as  Selling,  General  and  Administrative          
        expenses  to  better  align  those  costs  with  the  functional  areas  that          
        benefit  from  those  expenditures.                                                                                
                                                                                                                                                        
                                                                                                                                                        
 

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