HP Reports Revenue Increases in First Quarter 2010 Results

• First quarter net revenue of $31.2 billion, up 8%, or $2.4 billion, from a year earlier

• First quarter GAAP operating profit up 20% to $3.0 billion; GAAP diluted earnings per share of $0.96, up 28% from $0.75 a year earlier

• First quarter non-GAAP operating profit up 13% to $3.5 billion; non-GAAP diluted earnings per share of $1.10, up 18% from $0.93 a year earlier

• Double-digit year-over-year growth in printers, industry standard servers and PCs

• Cash flow from operations of $2.4 billion, up 114%, or $1.3 billion from the prior year Raises full-year outlook

PALO ALTO, CA—02/17/10—HP (NYSE: HPQ) today announced financial results for its first fiscal quarter ended Jan. 31, 2010, with net revenue of $31.2 billion, up 8% from a year earlier and up 5% when adjusted for the effects of currency.

“We will continue to invest for growth and leverage our scale and global position to take advantage of an improving demand environment.”

In the first quarter, GAAP diluted earnings per share (EPS) was $0.96, up from $0.75 in the prior-year period. Non-GAAP EPS was $1.10, up from $0.93 in the prior-year period. Non-GAAP financial information excludes after-tax costs of approximately $0.14 per share and $0.18 per share in the first quarter of fiscal 2010 and 2009, respectively, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.

“HP is well-positioned to outperform the market,” said Mark Hurd, HP chairman and chief executive officer. “The strength of our portfolio, leaner cost structure and accelerating market momentum give us the confidence to raise our full-year outlook.”

Information about HP’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below. Unless otherwise noted, all growth rates included in the narrative below reflect year-over-year comparisons.

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