
                            
                   HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
  
            Statement Regarding Computation of Per Share Earnings
  
Registrant's Basic and Diluted Earnings Per Share (in millions except per
share amounts)
  
                                                                 
                                                                   Exhibit 11
                                                                   ----------  

    
                               Three months ended     Nine months ended
                                     July 31                 July 31
                               ------------------      -----------------
                                   1998     1997          1998      1997
  
  
Basic earnings per share
  
Net earnings                     $  621   $  617        $2,235    $2,313      
  
Number of shares on which basic 
 earnings per share is based:                             
  
Weighted average common shares 
 outstanding during the period    1,035    1,031         1,039     1,022      
  
Basic earnings per share         $ 0.60   $ 0.60        $ 2.15    $ 2.26     
                                 ======   ======        ======    ======
  
Diluted earnings per share
  
Net earnings                     $  621   $  617        $2,235    $2,313     
  Adjustment for interest 
   expense, net                       6        -            19         -     
                                  -----    -----        ------    ------
                                  
 Net earnings, adjusted          $  627   $  617        $2,254    $2,313    

Number of shares on which diluted
 earnings per share is based:         

Weighted average common shares 
 outstanding during the period    1,035    1,031         1,039     1,022      

Weighted average dilutive 
 potential common shares:
   Stock options                     31       29            32        29    

   Convertible zero-coupon notes 
    due 2017                         10        -            10         -

Number of shares and equivalents
 on which diluted earnings per 
 share is based                   1,076    1,060         1,081     1,051    

Diluted earnings per share       $ 0.58   $ 0.58        $ 2.09    $ 2.20    
                                 ======   ======        ======    ======

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