HP (HPQ) 8-K Second quarter GAAP operating profit up 25% to $2.9 billion; GAAP diluted earnings per share of $0.91, up $28% from $0.71 a year earlier

EXHIBIT 99.2

HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions except per share amounts)
	Three months ended
	April 30, 2010			January 31, 2010			April 30, 2009
Net revenue	$	30,849		$	31,177		$	27,383
Costs and expenses(a):
Cost of sales		23,601			24,062			20,945
Research and development		722			681			716
Selling, general and administrative		3,064			2,932			2,880
Amortization of purchased intangible assets		347			330			380
Restructuring charges		180			131			94
Acquisition-related charges		77			38			75
Total costs and expenses		27,991			28,174			25,090
Earnings from operations		2,858			3,003			2,293
Interest and other, net		(91	)		(199	)		(180	)
Earnings before taxes		2,767			2,804			2,113
Provision for taxes(b)		567			554			392
Net earnings	$	2,200		$	2,250		$	1,721
Net earnings per share:
Basic	$	0.94		$	0.95		$	0.72
Diluted	$	0.91		$	0.93		$	0.71
Cash dividends declared per share	$	-		$	0.16		$	-
Weighted-average shares used to compute net earnings per share:
Basic		2,345			2,358			2,394
Diluted		2,406			2,427			2,438
(a)    Stock-based compensation expense was as follows:
Cost of sales	$	48		$	47		$	48
Research and development		16			14			18
Selling, general and administrative		136			119			109
Acquisition-related charges		-			1			16
Total costs and expenses	$	200		$	181		$	191
(b)    Tax benefit from stock-based compensation	$	(64	)	$	(58	)	$	(59	)

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions except per share amounts)
	Six months ended
	April 30, 2010			April 30, 2009
Net revenue	$	62,026		$	56,190
Costs and expenses(a):
Cost of sales		47,663			43,018
Research and development		1,403			1,448
Selling, general and administrative		5,996			5,773
Amortization of purchased intangible assets		677			792
In-process research and development charges		-			6
Restructuring charges		311			240
Acquisition-related charges		115			123
Total costs and expenses		56,165			51,400
Earnings from operations		5,861			4,790
Interest and other, net		(290	)		(412	)
Earnings before taxes		5,571			4,378
Provision for taxes(b)		1,121			801
Net earnings	$	4,450		$	3,577
Net earnings per share:
Basic	$	1.89		$	1.49
Diluted	$	1.84		$	1.46
Cash dividends declared per share	$	0.16		$	0.16
Weighted-average shares used to compute net earnings per share:
Basic		2,352			2,402
Diluted		2,412			2,448
(a)    Stock-based compensation expense was as follows:
Cost of sales	$	95		$	100
Research and development		30			35
Selling, general and administrative		255			194
Acquisition-related charges		1			22
Total costs and expenses	$	381		$	351
(b)    Tax benefit from stock-based compensation	$	(122	)	$	(107	)

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
	April 30, 2010		October 31, 2009
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	14,131	$	13,279
Short-term investments		39		55
Accounts receivable		14,753		16,537
Financing receivables		2,795		2,675
Inventory		6,436		6,128
Other current assets		13,541		13,865
Total current assets		51,695		52,539
Property, plant and equipment		11,242		11,262
Long-term financing receivables and other assets		11,726		11,289
Goodwill and purchased intangible assets		41,331		39,709
Total assets	$	115,994	$	114,799
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and short-term borrowings	$	3,934	$	1,850
Accounts payable		13,350		14,809
Employee compensation and benefits		3,410		4,071
Taxes on earnings		1,043		910
Deferred revenue		6,526		6,182
Other accrued liabilities		14,008		15,181
Total current liabilities		42,271		43,003
Long-term debt		13,728		13,980
Other liabilities		16,183		17,052	(a)
Stockholders' equity
HP Stockholders' equity		43,511		40,517
Noncontrolling interests		301		247	(a)
Total stockholders' equity		43,812		40,764
Total liabilities and stockholders' equity	$	115,994	$	114,799
(a)    Reflects the adoption of the accounting standard related to the presentation of noncontrolling interests in consolidated financial statements.

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
(In millions)
	Three months ended
	April 30,			January 31,			April 30,
	2010			2010			2009(a)
Net revenue:
Services	$	8,712		$	8,651		$	8,500
Enterprise Storage and Servers		4,542			4,391			3,457
HP Software		871			878			880
HP Enterprise Business		14,125			13,920			12,837
Personal Systems Group		9,956			10,584			8,210
Imaging and Printing Group		6,396			6,206			5,916
HP Financial Services		755			719			641
Corporate Investments		315			236			188
Total Segments		31,547			31,665			27,792
Eliminations of intersegment net revenue and other		(698	)		(488	)		(409	)
Total HP Consolidated	$	30,849		$	31,177		$	27,383
Earnings from operations:
Services	$	1,382		$	1,364		$	1,174
Enterprise Storage and Servers		571			552			250
HP Software		162			167			157
HP Enterprise Business		2,115			2,083			1,581
Personal Systems Group		465			530			378
Imaging and Printing Group		1,098			1,054			1,074
HP Financial Services		69			67			46
Corporate Investments		12			19			(19	)
Total Segments		3,759			3,753			3,060
Corporate and unallocated costs and eliminations		(112	)		(88	)		(62	)
Unallocated costs related to stock-based compensation expense		(185	)		(163	)		(156	)
Amortization of purchased intangible assets		(347	)		(330	)		(380	)
Restructuring charges		(180	)		(131	)		(94	)
Acquisition-related charges		(77	)		(38	)		(75	)
Interest and other, net		(91	)		(199	)		(180	)
Total HP Consolidated Earnings Before Taxes	$	2,767		$	2,804		$	2,113
(a)    As a result of HP's adoption in fiscal 2009 of the revenue recognition standards related to multiple-deliverable revenue arrangements and revenue arrangements that included software, certain previously reported segment and business unit results have been restated. The adoption primarily impacted the Services, Enterprise Storage and Servers and Personal Systems Group financial reporting segments.

4

HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
(In millions)
	Six months ended
	April 30,			April 30,
	2010			2009 (a)
Net revenue:
Services	$	17,363		$	17,247
Enterprise Storage and Servers		8,933			7,406
HP Software		1,749			1,758
HP Enterprise Business		28,045			26,411
Personal Systems Group		20,540			17,002
Imaging and Printing Group		12,602			11,897
HP Financial Services		1,474			1,277
Corporate Investments		551			384
Total Segments		63,212			56,971
Eliminations of intersegment net revenue and other		(1,186	)		(781	)
Total HP Consolidated	$	62,026		$	56,190
Earnings from operations:
Services	$	2,746		$	2,298
Enterprise Storage and Servers		1,123			656
HP Software		329			297
HP Enterprise Business		4,198			3,251
Personal Systems Group		995			814
Imaging and Printing Group		2,152			2,179
HP Financial Services		136			87
Corporate Investments		31			(38	)
Total Segments		7,512			6,293
Corporate and unallocated costs and eliminations		(200	)		(38	)
Unallocated costs related to stock-based compensation expense		(348	)		(304	)
Amortization of purchased intangible assets		(677	)		(792	)
In-process research and development charges		-			(6	)
Restructuring charges		(311	)		(240	)
Acquisition-related charges		(115	)		(123	)
Interest and other, net		(290	)		(412	)
Total HP Consolidated Earnings Before Taxes	$	5,571		$	4,378
(a)    As a result of HP's adoption in fiscal 2009 of the revenue recognition standards related to multiple-deliverable revenue arrangements and revenue arrangements that included software, certain previously reported segment and business unit results have been restated. The adoption primarily impacted the Services, Enterprise Storage and Servers and Personal Systems Group financial reporting segments.

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