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HP Job Cuts: Company Announces 27,000
[ Business]

HP announced a massive restructuring today, which it says will generate annual savings of $3.0 to $3.5 billion (exiting fiscal year 2014). These savings will be reinvested back into the company, HP says. The restructuring comes at the cost of 27,000 jobs, as the company announced that it expects as many employees to exit the company. That’s 8% of its entire workforce. This is also to take place by the end of fiscal year 2014.

The company says it also expects to save money from non-headcount cost reductions in supply chain optimization, SKU and platform rationalization, go-to-market strategy simplification and business process improvement.

The company will invest in research and development, accelerating service capabilities in cloud security and information analytics, and speed development in security, big data and other areas, to name a few.

“These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business,” said HP President and CEO Meg Whitman. “While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company. We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders.”

The company also released its Q2 earnings report today, including net revenue of $30.7 billion(down 3% year over year).

“We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders,” said Whitman. “This quarter we exceeded our previously provided outlook and are executing against our strategy, but we still have a lot of work to do.”

Here’s the earnings release in its entirety:

HP Reports Second Quarter 2012 Results
PALO ALTO, CA, May 23, 2012 (MARKETWIRE via COMTEX) –HP (NYSE: HPQ)

--  Second quarter non-GAAP diluted earnings per share of $0.98, above
    previously provided outlook of $0.88 to $0.91 per share
--  Second quarter GAAP diluted earnings per share of $0.80, above
    previously provided outlook of $0.68 to $0.71 per share
--  Second quarter net revenue of $30.7 billion, down 3% from the
    prior-year period
--  Returned $601 million in cash to shareholders in the form of dividends
    and share repurchases
--  Company announces multi-year restructuring to fuel innovation and
    enable investment -- see separate press release for details

HP second quarter fiscal 2012 financial performance

                            Q2 FY12   Q2 FY11          Y/Y
GAAP net revenue ($B)         $30.7     $31.6         (3%)
GAAP operating margin          7.2%      9.4%   (2.2 pts.)
GAAP net earnings ($B)         $1.6      $2.3        (31%)
GAAP diluted EPS              $0.80     $1.05        (24%)
Non-GAAP operating margin      8.9%     11.3%   (2.4 pts.)
Non-GAAP net earnings ($B)     $1.9      $2.7        (28%)
Non-GAAP diluted EPS          $0.98     $1.24        (21%)

Information about HP’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.

HP (NYSE: HPQ) today announced financial results for its second fiscal quarter ended April 30, 2012. For the quarter, net revenue of $30.7 billion was down 3% year over year both as reported and when adjusted for the effects of currency.

GAAP diluted earnings per share (EPS) was $0.80, down 24% from the prior-year period. Non-GAAP diluted EPS was $0.98, down 21% from the prior-year period. Second quarter non-GAAP earnings information excludes after-tax costs of $356 million, or $0.18 per diluted share, related to amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

“We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders,” said Meg Whitman, HP president and chief executive officer. “This quarter we exceeded our previously provided outlook and are executing against our strategy, but we still have a lot of work to do.”

Business Group Results

--  Personal Systems Group(PSG) revenue was flat year over year with a
    5.5% operating margin. Commercial revenue increased 3%, and Consumer
    revenue declined 4% while Workstations revenue was down 1% year over
    year. Desktop units were up 5%, notebook units were down 6% and total
    units were down 1%.
--  Services revenue declined 1% year over year with an 11.3% operating
    margin. Technology Services revenue was flat year over year,
    Application and Business Services revenue grew 1% and IT Outsourcing
    revenue declined 3% year over year.
--  Imaging and Printing Group (IPG) revenue declined 10% year over year
    with a 13.2% operating margin. Commercial hardware revenue was down 4%
    year over year with commercial printer units down 7%. Consumer
    hardware revenue was down 15% year over year with a 13% decline in
    printer units.
--  Enterprise Servers, Storage and Networking (ESSN) revenue declined 6%
    year over year with an 11.2% operating margin. Networking revenue was
    up 2%, Industry Standard Servers revenue was down 6%, Business
    Critical Systems revenue was down 23%, and Storage revenue was up 1%
    year over year.
--  HP Financial Services revenue grew 9% year over year driven by a 4%
    increase in net portfolio assets and a 5% increase in financing
    volume. The business delivered a 9.9% operating margin.
--  Software revenue grew 22% year over year with a 17.7% operating
    margin, including the results of Autonomy. Software revenue was driven
    by 7% license growth, 17% support growth, and 72% growth in services.
    Autonomy saw a significant decline in license revenue.

To help improve Autonomy’s performance, Bill Veghte, HP’s chief strategy officer and executive vice president of HP Software, will step in to lead Autonomy. Veghte is an experienced software leader who will help develop the right processes and discipline to scale Autonomy and fulfill its promise. Mike Lynch, Autonomy’s founder and executive vice president for Information Management, will leave HP after a transition period. The market and competitive positioning for Autonomy remain strong, particularly in cloud offerings.

Asset Management HP generated $2.5 billion in cash flow from operations in the second quarter. Inventory ended the quarter at $7.3 billion, with days of inventory up 2 days year over year to 28 days. Accounts receivable of $16.6 billion was down 4 days year over year to 49 days. Accounts payable ended the quarter at $12.9 billion, down 5 days from the prior-year period to 49 days. HP’s dividend payment of $0.12 per share in the second quarter resulted in cash usage of $251 million. HP also utilized $350 million of cash during the quarter to repurchase approximately 13 million shares of common stock in the open market. HP exited the quarter with $8.7 billion in gross cash.

Outlook In connection with the restructuring efforts discussed in a separate press release issued today (http://www8.hp.com/us/en/hp-news/press-release.html?id=1247078), HP expects to record a pre-tax charge of approximately $1.7 billion in fiscal 2012 that will be included in its GAAP financial results for that period. Of that amount, HP expects to record a pre-tax charge of approximately $1.0 billion in its third fiscal quarter. The cash impact associated with the restructuring efforts is expected to be approximately $400 million in fiscal year 2012. Through fiscal 2014, HP expects to record additional pre-tax charges approximating $1.8 billion that will be included in its GAAP financial results for the applicable periods.

In May 2012, HP committed to a change in its PC branding strategy. As a result, HP has commenced an asset impairment analysis to determine the current value of the Compaq trade name acquired in 2002. Based on the preliminary results of that analysis, HP expects to record an impairment charge of up to approximately $1.2 billion that will be included in its GAAP financial results for its third fiscal quarter. There will be no cash impact associated with the impairment charge.

For the third quarter of fiscal 2012, HP estimates non-GAAP diluted EPS to be in the range of $0.94 to $0.97 and GAAP diluted EPS to be in the range of $0.00 to $0.03.

Third quarter fiscal 2012 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.94 per share, related primarily to the amortization and impairment of purchased intangible assets, restructuring charges, and acquisition-related charges.

For the full year fiscal 2012, HP now estimates non-GAAP diluted EPS to be in the range of $4.05 to $4.10 and GAAP diluted EPS to be in the range of $2.25 to $2.30.

Full year fiscal 2012 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $1.80 per share, related primarily to the amortization and impairment of purchased intangible assets, restructuring charges and acquisition-related charges.

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 Q2 FY12 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2012q2webcast.

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 projections of the amount, timing or impact of cost savings, restructuring charges, early retirement programs, workforce reductions or impairment 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 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 and retirement programs; 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, 2011 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 January 31, 2012. 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 April 30, 2012. In particular, determining HP’s actual tax balances and provisions as of April 30, 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.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                                (Unaudited)
                   (In millions except per share amounts)

                                                Three months ended
                                      -------------------------------------
                                       April 30,   January 31,   April 30,
                                          2012         2012         2011
                                      -----------  -----------  -----------

Net revenue                           $    30,693  $    30,036  $    31,632

Costs and Expenses:(a)
  Cost of sales                            23,541       23,313       23,832
  Research and development                    850          786          815
  Selling, general and administrative       3,540        3,367        3,425
  Amortization of purchased
   intangible assets                          470          466          413
  Restructuring charges                        53           40          158
  Acquisition-related charges                  17           22           21
                                      -----------  -----------  -----------
    Total costs and expenses               28,471       27,994       28,664
                                      -----------  -----------  -----------

Earnings from operations                    2,222        2,042        2,968

Interest and other, net                      (243)        (221)         (76)
                                      -----------  -----------  -----------

Earnings before taxes                       1,979        1,821        2,892

Provision for taxes                           386          353          588
                                      -----------  -----------  -----------

Net earnings                          $     1,593  $     1,468  $     2,304
                                      ===========  ===========  ===========

Net earnings per share:
  Basic                               $      0.80  $      0.74  $      1.07
  Diluted                             $      0.80  $      0.73  $      1.05

Cash dividends declared per share     $         -  $      0.24  $         -

Weighted-average shares used to
 compute net earnings per share:
  Basic                                     1,979        1,981        2,150
  Diluted                                   1,987        1,998        2,184

(a) In connection with organizational realignments implemented in the first
    quarter of fiscal year 2012, 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.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                                (Unaudited)
                   (In millions except per share amounts)

                                                       Six months ended
                                                   ------------------------
                                                           April 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------

Net revenue                                        $    60,729  $    63,934

Costs and expenses:(a)
  Cost of sales                                         46,854       48,213
  Research and development                               1,636        1,613
  Selling, general and administrative                    6,907        6,542
  Amortization of purchased intangible assets              936          838
  Restructuring charges                                     93          316
  Acquisition-related charges                               39           50
                                                   -----------  -----------
    Total costs and expenses                            56,465       57,572
                                                   -----------  -----------

Earnings from operations                                 4,264        6,362

Interest and other, net                                   (464)        (173)
                                                   -----------  -----------

Earnings before taxes                                    3,800        6,189

Provision for taxes                                        739        1,280
                                                   -----------  -----------

Net earnings                                       $     3,061  $     4,909
                                                   ===========  ===========

Net earnings per share:
  Basic                                            $      1.55  $      2.27
  Diluted                                          $      1.53  $      2.23

Cash dividends declared per share                  $      0.24  $      0.16

Weighted-average shares used to compute net
 earnings per share:
  Basic                                                  1,980        2,166
  Diluted                                                1,995        2,203

(a) In connection with organizational realignments implemented in the first
    quarter of fiscal year 2012, 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.

                  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
                     April   earnings  January  earnings   April   earnings
                      30,       per      31,       per      30,       per
                      2012     share     2012     share     2011     share
                    -------  --------  -------  --------  -------  --------

GAAP net earnings   $ 1,593  $   0.80  $ 1,468  $   0.73  $ 2,304  $   1.05

Non-GAAP
 adjustments:
  Amortization of
   purchased
   intangible
   assets               470      0.23      466      0.24      413      0.19
  Restructuring
   charges               53      0.03       40      0.02      158      0.07
  Acquisition-
   related charges       17      0.01       22      0.01       21      0.01
  Wind down of the
   webOS device
   business(a)          (36)    (0.02)       -         -        -         -
  Adjustments for
   taxes               (148)    (0.07)    (164)    (0.08)    (179)    (0.08)
                    -------  --------  -------  --------  -------  --------
Non-GAAP net
 earnings           $ 1,949  $   0.98  $ 1,832  $   0.92  $ 2,717  $   1.24
                    =======  ========  =======  ========  =======  ========

GAAP earnings from
 operations         $ 2,222            $ 2,042            $ 2,968

Non-GAAP
 adjustments:
  Amortization of
   purchased
   intangible
   assets               470                466                413
  Restructuring
   charges               53                 40                158
  Acquisition-
   related charges       17                 22                 21
  Wind down of the
   webOS device
   business(a)          (36)                 -                  -
                    -------            -------            -------
Non-GAAP earnings
 from operations    $ 2,726            $ 2,570            $ 3,560
                    =======            =======            =======

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

Non-GAAP operating
 margin                   9%                 9%                11%
                    =======            =======            =======

(a) Primarily includes adjustments to expenses for supplier-related
    obligations related to winding down the webOS device business.

                  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)

                             Six months              Six months
                               ended       Diluted     ended       Diluted
                             April 30,    earnings   April 30,    earnings
                                2012      per share     2011      per share
                             ----------  ----------  ----------  ----------

GAAP net earnings            $    3,061  $     1.53  $    4,909  $     2.23

Non-GAAP adjustments:
  Amortization of purchased
   intangible assets                936        0.47         838        0.39
  Restructuring charges              93        0.05         316        0.14
  Acquisition-related
   charges                           39        0.02          50        0.02
  Wind down of the webOS
   device business(a)               (36)      (0.02)          -           -
  Adjustments for taxes            (312)      (0.15)       (366)      (0.17)
                             ----------  ----------  ----------  ----------
Non-GAAP net earnings        $    3,781  $     1.90  $    5,747  $     2.61
                             ==========  ==========  ==========  ==========

GAAP earnings from
 operations                  $    4,264              $    6,362

Non-GAAP adjustments:
  Amortization of purchased
   intangible assets                936                     838
  Restructuring charges              93                     316
  Acquisition-related
   charges                           39                      50
  Wind down of the webOS
   device business(a)               (36)                      -
                             ----------              ----------
Non-GAAP earnings from
 operations                  $    5,296              $    7,566
                             ==========              ==========

GAAP operating margin                 7%                     10%
Non-GAAP adjustments                  2%                      2%
                             ----------              ----------

Non-GAAP operating margin             9%                     12%
                             ==========              ==========

(a) Primarily includes adjustments to expenses for supplier-related
    obligations related to winding down the webOS device business.

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

                                                    April 30,   October 31,
                                                       2012         2011
                                                   -----------  -----------
                                                   (unaudited)
ASSETS

Current assets:
  Cash and cash equivalents                        $     8,311  $     8,043
  Accounts receivable                                   16,609       18,224
  Financing receivables                                  3,139        3,162
  Inventory                                              7,306        7,490
  Other current assets                                  14,324       14,102
                                                   -----------  -----------
    Total current assets                                49,689       51,021
                                                   -----------  -----------

Property, plant and equipment                           12,236       12,292

Long-term financing receivables and other assets        11,018       10,755

Goodwill and purchased intangible assets                54,746       55,449
                                                   -----------  -----------

Total assets                                       $   127,689  $   129,517
                                                   ===========  ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Notes payable and short-term borrowings          $     4,252  $     8,083
  Accounts payable                                      12,900       14,750
  Employee compensation and benefits                     3,609        3,999
  Taxes on earnings                                        871        1,048
  Deferred revenue                                       7,582        7,449
  Other accrued liabilities                             13,585       15,113
                                                   -----------  -----------
    Total current liabilities                           42,799       50,442
                                                   -----------  -----------

Long-term debt                                          25,825       22,551

Other liabilities                                       17,368       17,520

Stockholders' equity:
  HP stockholders' equity                               41,288       38,625
  Non-controlling interests                                409          379
                                                   -----------  -----------
    Total stockholders' equity                          41,697       39,004
                                                   -----------  -----------

Total liabilities and stockholders' equity         $   127,689  $   129,517
                                                   ===========  ===========

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
              CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                (Unaudited)
                               (In millions)

                                                 Three months   Six months
                                                     ended         ended
                                                   April 30,     April 30,
                                                     2012          2012
                                                 ------------  ------------

Cash flows from operating activities:
  Net earnings                                   $      1,593  $      3,061
  Adjustments to reconcile net earnings to net
   cash provided by operating activities:
    Depreciation and amortization                       1,285         2,588
    Stock-based compensation expense                      169           344
    Provision for bad debt and inventory                   95           147
    Restructuring charges                                  53            93
    Deferred taxes on earnings                            (45)         (155)
    Excess tax benefit from stock-based
     compensation                                          (1)          (12)
    Other, net                                            196           240

    Changes in operating assets and liabilities:
      Accounts and financing receivables                 (832)        1,479
      Inventory                                           (91)           89
      Accounts payable                                    525        (1,851)
      Taxes on earnings                                   (42)          (54)
      Restructuring                                      (100)         (274)
      Other assets and liabilities                       (332)       (2,029)
                                                 ------------  ------------
        Net cash provided by operating
         activities                                     2,473         3,666
                                                 ------------  ------------

Cash flows from investing activities:
    Investment in property, plant and equipment        (1,080)       (1,963)
    Proceeds from sale of property, plant and
     equipment                                            128           224
    Purchases of available-for-sale securities
     and other investments                               (565)         (565)
    Maturities and sales of available-for-sale
     securities and other investments                     250           346
    Payments made in connection with business
     acquisitions, net of cash acquired                     -          (141)
    Proceeds from business divestiture, net                 -            81
                                                 ------------  ------------
      Net cash used in investing activities            (1,267)       (2,018)
                                                 ------------  ------------

Cash flows from financing activities:
    Repayment of commercial paper and notes
     payable, net                                        (185)       (2,792)
    Issuance of debt                                    2,017         5,052
    Payment of debt                                    (2,561)       (2,661)
    Issuance of common stock under employee
     stock plans                                          321           634
    Repurchase of common stock                           (350)       (1,130)
    Excess tax benefit from stock-based
     compensation                                           1            12
    Cash dividends paid                                  (251)         (495)
                                                 ------------  ------------
      Net cash used in financing activities            (1,008)       (1,380)
                                                 ------------  ------------

Increase in cash and cash equivalents                     198           268
Cash and cash equivalents at beginning of period        8,113         8,043
                                                 ------------  ------------
Cash and cash equivalents at end of period       $      8,311  $      8,311
                                                 ============  ============

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                            SEGMENT INFORMATION
                                (Unaudited)
                               (In millions)

                                                Three months ended
                                      -------------------------------------
                                       April 30,   January 31,   April 30,
                                          2012         2012         2011
                                      -----------  -----------  -----------

Net revenue:(a)

  Personal Systems Group              $     9,452  $     8,873  $     9,415
  Services                                  8,831        8,626        8,916
  Imaging and Printing Group                6,132        6,258        6,843
  Enterprise Servers, Storage and
   Networking                               5,211        5,018        5,516
  Software                                    970          946          797
  HP Financial Services                       968          950          885
  Corporate Investments                        18           58           42
                                      -----------  -----------  -----------
    Total segments                         31,582       30,729       32,414
  Eliminations of intersegment net
   revenue and other                         (889)        (693)        (782)
                                      -----------  -----------  -----------

    Total HP consolidated net revenue $    30,693  $    30,036  $    31,632
                                      ===========  ===========  ===========

Earnings before taxes:(a)

  Personal Systems Group              $       524  $       464  $       533
  Services                                    997          905        1,372
  Imaging and Printing Group                  808          761        1,136
  Enterprise Servers, Storage and
   Networking                                 585          562          760
  Software                                    172          162          158
  HP Financial Services                        96           91           83
  Corporate Investments                       (49)         (48)        (199)
                                      -----------  -----------  -----------
    Total segment earnings from
     operations                             3,133        2,897        3,843

  Corporate and unallocated costs and
   eliminations                              (203)        (153)        (153)
  Unallocated costs related to stock-
   based compensation expense                (168)        (174)        (130)
  Amortization of purchased
   intangible assets                         (470)        (466)        (413)
  Restructuring charges                       (53)         (40)        (158)
  Acquisition-related charges                 (17)         (22)         (21)
  Interest and other, net                    (243)        (221)         (76)
                                      -----------  -----------  -----------

    Total HP consolidated earnings
     before taxes                     $     1,979  $     1,821  $     2,892
                                      ===========  ===========  ===========

(a) Certain fiscal 2012 organizational reclassifications have been reflected
    retroactively to provide improved visibility and comparability. For each
    of the quarters in fiscal year 2011, the reclassifications resulted in
    the transfer of revenue and operating profit among the Services, Imaging
    and Printing Group, Enterprise Servers, Storage and Networking, Software
    and Corporate Investments financial reporting segments.
    Reclassifications between segments included the transfer of the Indigo
    Scitex support and the LaserJet and enterprise solutions trade support
    businesses from Services to the Imaging and Printing Group, the transfer
    of the business intelligence services business from Corporate
    Investments to Services, the transfer of the information management
    services business from Software to Services, and the transfer of the
    TippingPoint business from Enterprise Servers, Storage and Networking to
    Software. There was no impact on the previously reported financial
    results for the Personal Systems Group and HP Financial Services
    segments.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                            SEGMENT INFORMATION
                                (Unaudited)
                               (In millions)

                                                       Six months ended
                                                           April 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------

Net revenue:(a)

  Personal Systems Group                           $    18,325  $    19,864
  Services                                              17,457       17,445
  Imaging and Printing Group                            12,390       13,574
  Enterprise Servers, Storage and Networking            10,229       11,115
  Software                                               1,916        1,522
  HP Financial Services                                  1,918        1,712
  Corporate Investments                                     76          104
                                                   -----------  -----------
    Total Segments                                      62,311       65,336
  Eliminations of intersegment net revenue and
   other                                                (1,582)      (1,402)
                                                   -----------  -----------

    Total HP consolidated net revenue              $    60,729  $    63,934
                                                   ===========  ===========

Earnings before taxes:(a)

  Personal Systems Group                           $       988  $     1,205
  Services                                               1,902        2,753
  Imaging and Printing Group                             1,569        2,255
  Enterprise Servers, Storage and Networking             1,147        1,590
  Software                                                 334          278
  HP Financial Services                                    187          162
  Corporate Investments                                    (97)        (377)
                                                   -----------  -----------
    Total segment earnings from operations               6,030        7,866

  Corporate and unallocated costs and eliminations        (356)          (4)
  Unallocated costs related to stock-based
   compensation expense                                   (342)        (296)
  Amortization of purchased intangible assets             (936)        (838)
  Restructuring charges                                    (93)        (316)
  Acquisition-related charges                              (39)         (50)
  Interest and other, net                                 (464)        (173)
                                                   -----------  -----------

    Total HP consolidated earnings before taxes    $     3,800  $     6,189
                                                   ===========  ===========

(a) Certain fiscal 2012 organizational reclassifications have been reflected
    retroactively to provide improved visibility and comparability. For each
    of the quarters in fiscal year 2011, the reclassifications resulted in
    the transfer of revenue and operating profit among the Services, Imaging
    and Printing Group, Enterprise Servers, Storage and Networking, Software
    and Corporate Investments financial reporting segments.
    Reclassifications between segments included the transfer of the Indigo
    Scitex support and the LaserJet and enterprise solutions trade support
    businesses from Services to the Imaging and Printing Group, the transfer
    of the business intelligence services business from Corporate
    Investments to Services, the transfer of the information management
    services business from Software to Services, and the transfer of the
    TippingPoint business from Enterprise Servers, Storage and Networking to
    Software. There was no impact on the previously reported financial
    results for the Personal Systems Group and HP Financial Services
    segments.

                 HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                    SEGMENT / BUSINESS UNIT INFORMATION
                                (Unaudited)
                               (In millions)

                                                               Growth rate
                                  Three months ended               (%)
                        -------------------------------------  -----------
                         April 30,   January 31,   April 30,
                            2012         2012         2011      Q/Q    Y/Y
                        -----------  -----------  -----------  ----   ----

Net revenue:(a)

  Personal Systems
   Group
    Notebooks           $     4,900  $     4,942  $     5,039    (1%)   (3%)
    Desktops                  3,827        3,206        3,641    19%     5%
    Workstations                537          535          541     0%    (1%)
    Other                       188          190          194    (1%)   (3%)
                        -----------  -----------  -----------
      Total Personal
       Systems Group          9,452        8,873        9,415     7%     0%
                        -----------  -----------  -----------

  Services
    Infrastructure
     Technology
     Outsourcing              3,669        3,701        3,786    (1%)   (3%)
    Technology Services       2,638        2,562        2,629     3%     0%
    Application and
     Business
     Services(b)              2,524        2,363        2,501     7%     1%
                        -----------  -----------  -----------
      Total Services          8,831        8,626        8,916     2%    (1%)
                        -----------  -----------  -----------

  Imaging and Printing
   Group
    Supplies                  4,060        4,079        4,612     0%   (12%)
    Commercial Hardware       1,479        1,489        1,536    (1%)   (4%)
    Consumer Hardware           593          690          695   (14%)  (15%)
                        -----------  -----------  -----------
      Total Imaging and
       Printing Group         6,132        6,258        6,843    (2%)  (10%)
                        -----------  -----------  -----------

  Enterprise Servers,
   Storage and
   Networking
    Industry Standard
     Servers                  3,186        3,072        3,387     4%    (6%)
    Storage                     990          955          980     4%     1%
    Business Critical
     Systems                    421          405          546     4%   (23%)
    Networking                  614          586          603     5%     2%
                        -----------  -----------  -----------
      Total Enterprise
       Servers, Storage
       and Networking         5,211        5,018        5,516     4%    (6%)
                        -----------  -----------  -----------

  Software                      970          946          797     3%    22%
                        -----------  -----------  -----------

  HP Financial Services         968          950          885     2%     9%
                        -----------  -----------  -----------

  Corporate Investments          18           58           42   (69%)  (57%)
                        -----------  -----------  -----------
    Total segments           31,582       30,729       32,414     3%    (3%)
                        -----------  -----------  -----------

  Elimination of
   intersegment net
   revenue and other           (889)        (693)        (782)   28%    14%
                        -----------  -----------  -----------

    Total HP
     consolidated net
     revenue            $    30,693  $    30,036  $    31,632     2%    (3%)
                        ===========  ===========  ===========

(a) Certain fiscal 2012 organizational reclassifications have been reflected
    retroactively to provide improved visibility and comparability. For each
    of the quarters in fiscal year 2011, the reclassifications resulted in
    the transfer of revenue among the Services, Imaging and Printing Group,
    Enterprise Servers, Storage and Networking, Software and Corporate
    Investments financial reporting segments. Reclassifications between
    segments included the transfer of Indigo Scitex support and the LaserJet
    and enterprise solutions trade support businesses from Services to the
    Imaging and Printing Group, the transfer of the business intelligence
    services business from Corporate Investments to Services, the transfer
    of the information management services business from Software to
    Services, and the transfer of the TippingPoint business from Enterprise
    Servers, Storage and Networking to Software. In addition, revenue was
    transferred among the business units within the Services segment. There
    was no impact on the previously reported financial results for the
    Personal Systems Group and HP Financial Services segments.

(b) The former Application Services, Business Process Outsourcing and Other
    Services business units were consolidated into a new Application and
    Business Services business unit in fiscal 2012.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                    SEGMENT / BUSINESS UNIT INFORMATION
                                (Unaudited)
                               (In millions)

                                                       Six months ended
                                                           April 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------

Net revenue:(a)

  Personal Systems Group
    Notebooks                                      $     9,842  $    10,847
    Desktops                                             7,033        7,537
    Workstations                                         1,072        1,076
    Other                                                  378          404
                                                   -----------  -----------
      Total Personal Systems Group                      18,325       19,864
                                                   -----------  -----------

  Services
    Infrastructure Technology Outsourcing                7,370        7,430
    Technology Services                                  5,200        5,143
    Application and Business Services(b)                 4,887        4,872
                                                   -----------  -----------
      Total Services                                    17,457       17,445
                                                   -----------  -----------

  Imaging and Printing Group
    Supplies                                             8,139        8,970
    Commercial Hardware                                  2,968        3,101
    Consumer Hardware                                    1,283        1,503
                                                   -----------  -----------
      Total Imaging and Printing Group                  12,390       13,574
                                                   -----------  -----------

  Enterprise Servers, Storage and Networking
    Industry Standard Servers                            6,258        6,835
    Storage                                              1,945        1,992
    Business Critical Systems                              826        1,101
    Networking                                           1,200        1,187
                                                   -----------  -----------
      Total Enterprise Servers, Storage and
       Networking                                       10,229       11,115
                                                   -----------  -----------

  Software                                               1,916        1,522
                                                   -----------  -----------

  HP Financial Services                                  1,918        1,712
                                                   -----------  -----------

  Corporate Investments                                     76          104
                                                   -----------  -----------
    Total segments                                      62,311       65,336
                                                   -----------  -----------

  Elimination of intersegment net revenue and
   other                                                (1,582)      (1,402)
                                                   -----------  -----------

    Total HP consolidated net revenue              $    60,729  $    63,934
                                                   ===========  ===========

(a) Certain fiscal 2012 organizational reclassifications have been reflected
    retroactively to provide improved visibility and comparability. For each
    of the quarters in fiscal year 2011, the reclassifications resulted in
    the transfer of revenue among the Services, Imaging and Printing Group,
    Enterprise Servers, Storage and Networking, Software and Corporate
    Investments financial reporting segments. Reclassifications between
    segments included the transfer of Indigo Scitex support and the LaserJet
    and enterprise solutions trade support businesses from Services to the
    Imaging and Printing Group, the transfer of the business intelligence
    services business from Corporate Investments to Services, the transfer
    of the information management services business from Software to
    Services, and the transfer of the TippingPoint business from Enterprise
    Servers, Storage and Networking to Software. In addition, revenue was
    transferred among the business units within the Services segment. There
    was no impact on the previously reported financial results for the
    Personal Systems Group and HP Financial Services segments.

(b) The former Application Services, Business Process Outsourcing and Other
    Services business units were consolidated into a new Application and
    Business Services business unit in fiscal 2012.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
               SEGMENT NON-GAAP OPERATING MARGIN SUMMARY DATA
                                (Unaudited)
                               (In millions)

                                      Three months     Change in Operating
                                          ended           Margin (pts)
                                      ------------   ----------------------
                                       April 30,
                                          2012           Q/Q         Y/Y
                                      ------------   ----------  ----------

Non-GAAP operating margin:(a)
  Personal Systems Group                       5.5%     0.3 pts    (0.2 pts)
  Services                                    11.3%     0.8 pts    (4.1 pts)
  Imaging and Printing Group                  13.2%     1.0 pts    (3.4 pts)
  Enterprise Servers, Storage and
   Networking                                 11.2%     0.0 pts    (2.6 pts)
  Software                                    17.7%     0.6 pts    (2.1 pts)
  HP Financial Services                        9.9%     0.3 pts     0.5 pts
  Corporate Investments                     (472.2%) (389.4 pts)    1.6 pts
    Total segments                             9.8%     0.4 pts    (2.1 pts)

    Total HP consolidated non-GAAP
     operating margin                          8.9%     0.3 pts    (2.4 pts)

(a) Certain fiscal 2012 organizational reclassifications have been reflected
    retroactively to provide improved visibility and comparability. For each
    of the quarters in fiscal year 2011, the reclassifications resulted in
    the transfer of revenue and operating profit among the Services, Imaging
    and Printing Group, Enterprise Servers, Storage and Networking, Software
    and Corporate Investments financial reporting segments.
    Reclassifications between segments included the transfer of Indigo
    Scitex support and the LaserJet and enterprise solutions trade support
    businesses from Services to the Imaging and Printing Group, the transfer
    of the business intelligence services business from Corporate
    Investments to Services, the transfer of the information management
    services business from Software to Services, and the transfer of the
    TippingPoint business from Enterprise Servers, Storage and Networking to
    Software. There was no impact on the previously reported financial
    results for the Personal Systems Group and HP Financial Services
    segments.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                    CALCULATION OF NET EARNINGS PER SHARE
                                 (Unaudited)
                   (In millions except per share amounts)

                                                 Three months ended
                                       -------------------------------------
                                        April 30,   January 31,   April 30,
                                           2012         2012         2011
                                       -----------  -----------  -----------

Numerator:
  GAAP net earnings                    $     1,593  $     1,468  $     2,304
                                       ===========  ===========  ===========

  Non-GAAP net earnings                $     1,949  $     1,832  $     2,717
                                       ===========  ===========  ===========

Denominator:
  Weighted-average shares used to
   compute basic EPS                         1,979        1,981        2,150
  Dilutive effect of employee stock
   plans                                         8           17           34
                                       -----------  -----------  -----------
    Weighted-average shares used to
     compute diluted EPS                     1,987        1,998        2,184
                                       ===========  ===========  ===========

GAAP net earnings per share:
  Basic(a)                             $      0.80  $      0.74  $      1.07
  Diluted(c)                           $      0.80  $      0.73  $      1.05

Non-GAAP net earnings per share:
  Basic(b)                             $      0.98  $      0.92  $      1.26
  Diluted(c)                           $      0.98  $      0.92  $      1.24

(a) GAAP basic earnings per share were calculated based on GAAP net earnings
    and the weighted-average number of shares outstanding during the
    reporting period.

(b) Non-GAAP basic earnings per share were calculated based on non-GAAP net
    earnings and the weighted-average number of shares outstanding during
    the reporting period.

(c) Diluted net earnings per share included any dilutive effect of
    outstanding stock options, performance-based restricted units,
    restricted stock units and restricted stock.

                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                    CALCULATION OF NET EARNINGS PER SHARE
                                 (Unaudited)
                   (In millions except per share amounts)

                                                        Six months ended
                                                            April 30,
                                                    ------------------------
                                                        2012         2011
                                                    -----------  -----------

Numerator:
  GAAP net earnings                                 $     3,061  $     4,909
                                                    ===========  ===========

  Non-GAAP net earnings                             $     3,781  $     5,747
                                                    ===========  ===========

Denominator:
  Weighted-average shares used to compute basic EPS       1,980        2,166
  Dilutive effect of employee stock plans                    15           37
                                                    -----------  -----------
    Weighted-average shares used to compute diluted
     EPS                                                  1,995        2,203
                                                    ===========  ===========

GAAP net earnings per share:
  Basic(a)                                          $      1.55  $      2.27
  Diluted(c)                                        $      1.53  $      2.23

Non-GAAP net earnings per share:
  Basic(b)                                          $      1.91  $      2.65
  Diluted(c)                                        $      1.90  $      2.61

(a) GAAP basic earnings per share were calculated based on GAAP net earnings
    and the weighted-average number of shares outstanding during the
    reporting period.

(b) Non-GAAP basic earnings per share were calculated based on non-GAAP net
    earnings and the weighted-average number of shares outstanding during
    the reporting period.

(c) Diluted net earnings per share included any dilutive effect of
    outstanding stock options, performance-based restricted units,
    restricted stock units and restricted stock.

Use of Non-GAAP Financial Measures 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. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP net revenue is net revenue. The GAAP measure most directly comparable to non-GAAP operating profit is earnings from operations. The GAAP measure most directly comparable to non-GAAP operating margin is operating margin. The GAAP measure most directly comparable to non-GAAP net earnings is net earnings. The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted net earnings per share. The GAAP measure most directly comparable to gross cash is cash and cash equivalents. The GAAP measure most directly comparable to free cash flow is cash flow from operations. Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above.

Use and Economic Substance of Non-GAAP Financial Measures Used by HP

Non-GAAP net revenue reflects the elimination of contra revenue associated with sales incentive programs implemented in the fourth fiscal quarter of 2011 in connection with the wind down of HP’s webOS device business, net of webOS device revenue for the period. Non-GAAP operating profit and non-GAAP operating margin are defined to exclude the effects of any restructuring charges, charges relating to the impairment of goodwill and purchased intangible assets, charges relating to the amortization of purchased intangible assets, and acquisition-related charges recorded during the relevant period. Non-GAAP net earnings and non-GAAP diluted earnings per share consist of net earnings or diluted net earnings per share excluding those same charges. In addition, non-GAAP net earnings and non-GAAP diluted earnings per share are adjusted by the amount of additional taxes or tax benefit associated with each non-GAAP item. HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding those items mentioned above from these non-GAAP financial measures allows HP management to better understand HP’s consolidated financial performance in relationship to the operating results of HP’s segments, as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:

--  In the fourth quarter of fiscal 2011, HP announced that it would wind
    down its webOS device business. Non-GAAP net revenue reported in the
    fourth quarter of fiscal 2011 reflects the elimination of contra
    revenue associated with sales incentive programs implemented in
    connection with the wind down of that business, net of webOS device
    revenue for the period. Because the winding down of HP businesses is
    inconsistent in amount and frequency, HP believes that eliminating
    these amounts for purposes of calculating non-GAAP net revenue
    facilitates a more meaningful evaluation of HP's current operating
    performance and comparisons to HP's past and future operating
    performance.
--  Goodwill is the excess of the purchase price of acquired companies
    over the estimated fair value of the tangible and intangible assets
    acquired and liabilities assumed. Purchased intangible assets consist
    primarily of customer contracts, customer lists, distribution
    agreements, technology patents, and products, trademarks and trade
    names purchased in connection with acquisitions. In the fourth quarter
    of fiscal 2011, HP recorded impairment charges to goodwill and certain
    intangible assets associated with the acquisition of Palm Inc. The
    charges relate to HP's decision to wind-down the webOS device
    business. Impairment charges are inconsistent in amount and frequency.
    HP excludes these charges for purposes of calculating these non-GAAP
    measures to facilitate a more meaningful evaluation of HP's current
    operating performance and comparisons to HP's past and future
    operating performance.
--  HP incurs charges relating to the amortization of purchased
    intangibles. HP also incurs charges relating to the amortization of
    amounts assigned to intangible assets to be used in research and
    development projects. All of those charges are included in HP's GAAP
    presentation of earnings from operations, operating margin, net
    earnings and net earnings per share. Such charges are inconsistent in
    amount and frequency and are significantly impacted by the timing and
    magnitude of HP's acquisitions. Consequently, HP excludes these
    charges for purposes of calculating these non-GAAP measures to
    facilitate a more meaningful evaluation of HP's current operating
    performance and comparisons to HP's past and future operating
    performance.
--  Restructuring charges consist of costs associated with a formal
    restructuring plan and are primarily related to (i) employee
    termination costs and benefits, and (ii) costs to vacate duplicative
    facilities. HP excludes these restructuring costs (and any reversals
    of charges recorded in prior periods) for purposes of calculating
    these non-GAAP measures because it believes that these historical
    costs do not reflect expected future operating expenses and do not
    contribute to a meaningful evaluation of HP's current operating
    performance or comparisons to HP's past and future operating
    performance.
--  HP incurs costs related to its acquisitions, most of which are treated
    as non-capitalized expenses. Because non-capitalized,
    acquisition-related expenses are inconsistent in amount and frequency
    and are significantly impacted by the timing and nature of HP's
    acquisitions, HP believes that eliminating the non-capitalized
    expenses for purposes of calculating these non-GAAP measures
    facilitates a more meaningful evaluation of HP's current operating
    performance and comparisons to HP's past and future operating
    performance.

Gross cash is a non-GAAP measure that is defined as cash and cash equivalents plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. Free cash flow is defined as cash flow from operations less net capital expenditures. HP’s management uses gross cash and free cash flow for the purpose of determining the amount of cash available for investment in HP’s businesses, funding strategic acquisitions, repurchasing stock and other purposes. HP’s management also uses gross cash and free cash flow for the purposes of evaluating HP’s historical and prospective liquidity, as well as to further its own understanding of HP’s segment operating results. Because gross cash includes liquid assets that are not included in GAAP cash and cash equivalents, HP believes that gross cash provides a more accurate and complete assessment of HP’s liquidity and segment operating results. Because free cash flow includes the effect of capital expenditures that are not reflected in GAAP cash flow from operations, HP believes that free cash flow provides a more accurate and complete assessment of HP’s liquidity and capital resources.

Material Limitations Associated with Use of Non-GAAP Financial Measures These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

--  Items such as amortization of purchased intangible assets, though not
    directly affecting HP's cash position, represent the loss in value of
    intangible assets over time. The expense associated with this loss in
    value is not included in non-GAAP operating profit, non-GAAP operating
    margin, non-GAAP net earnings and non-GAAP diluted earnings per share
    and therefore does not reflect the full economic effect of the loss in
    value of those intangible assets.
--  Items such as restructuring charges that are excluded from non-GAAP
    operating profit, non-GAAP operating margin, non-GAAP net earnings and
    non-GAAP diluted earnings per share can have a material impact on cash
    flows and earnings per share.
--  HP may not be able to liquidate immediately the long-term investments
    included in gross cash, which may limit the usefulness of gross cash
    as a liquidity measure.
--  Other companies may calculate 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 differently
    than HP does, limiting the usefulness of those measures for
    comparative purposes.

Compensation for Limitations Associated with Use of Non-GAAP Financial Measures HP compensates for the limitations on its use of 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 by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides robust and detailed reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within this press release and in other written materials that include these non-GAAP financial measures, and HP encourages investors to review carefully those reconciliations.

Usefulness of Non-GAAP Financial Measures to Investors HP believes that providing 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 to investors in addition to the related GAAP measures provides investors with greater transparency to the information used by HP’s management in its financial and operational decision-making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that are calculated in a similar manner.

Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

SOURCE: HP

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