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



                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
               SEGMENT NON-GAAP OPERATING MARGIN SUMMARY DATA               
                                (Unaudited)                                 
                               (In millions)                                
                                                                            
                                      Three months     Change in Operating  
                                          ended           Margin (pts)      
                                      ------------   ---------------------- 
                                      October 31,                           
                                          2011           Y/Y         Q/Q    
                                      ------------   ----------  ---------- 
                                                                            
Non-GAAP Operating Margin:(a)                                               
  Services                                    12.8%    (3.6 pts)   (0.7 pts)
  Enterprise Servers, Storage and                                           
   Networking                                 13.0%    (2.1 pts)    0.0 pts 
  HP Software                                 27.7%    (6.5 pts)    8.3 pts 
  Personal Systems Group                       5.7%     0.2 pts    (0.2 pts)
  Imaging and Printing Group                  12.8%    (4.6 pts)   (1.9 pts)
  HP Financial Services                       10.3%     1.3 pts     0.9 pts 
  Corporate Investments                     (308.3%) (192.0 pts) (183.5 pts)
    Total Segments                            10.6%    (2.2 pts)    0.4 pts 
                                                                            
    Total HP Consolidated Non-GAAP                                          
     Operating Margin                          9.7%    (2.3 pts)   (0.1 pts)
                                                                            
                                                                              
(a)  Certain  fiscal  2011  organizational  reclassifications  have  been  reflected
        retroactively  to  provide  improved  visibility  and  comparability.  For  each
        of  the  quarters  in  fiscal  year  2010,  the  reclassifications  resulted  in    
        the  transfer  of  revenue  and  operating  profit  among  the  Enterprise              
        Servers,  Storage  and  Networking,  Services,  HP  Software  and  Corporate        
        Investments  financial  reporting  segments.    Reclassifications  between        
        segments  included  the  transfer  of  the  networking  business  from  Corporate
        Investments  to  Enterprise  Servers,  Storage  and  Networking,  the  transfer  
        of  the  communications  and  media  solutions  business  from  HP  Software  to    
        Services,  and  the  transfer  of  the  business  intelligence  business  from  HP
        Software  to  Corporate  Investments.    There  was  no  impact  on  the                    
        previously  reported  financial  results  for  the  Personal  Systems  Group,  HP
        Financial  Services  and  Imaging  and  Printing  Group  segments.                          
                                                                                                                                                        
                                                                                                                                                        
 

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