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                                                                    EXHIBIT 23.3
 
PERSONAL AND CONFIDENTIAL
-------------------------------
 
February 23, 1998
 
Board of Directors
Heartstream, Inc.
2401 Fourth Avenue
Suite 300
Seattle, Washington 98121
 
Re: Registration Statement of Hewlett-Packard Company relating to Common Stock,
    par value $1.00 per share, of Hewlett-Packard Company being registered in
    connection with the Agreement and Plan of Reorganization, dated as of
    December 29, 1997, among Hewlett-Packard Company, Whistler Acquisition
    Corporation and Heartstream, Inc.
 
Ladies and Gentlemen:
 
    Reference is made to our opinion letter dated December 29, 1997 with respect
to the fairness from a financial point of view to the holders of the outstanding
shares of Common Stock, par value $.001 per share (the "Shares"), of
Heartstream, Inc. (the "Company") of the Exchange Ratio (as defined below) to be
received for each Share pursuant to the Agreement and Plan of Reorganization,
dated as of December 29, 1997, among Hewlett-Packard Company ("HP"), Whistler
Acquisition Corp., a wholly owned subsidiary of HP ("Merger Sub"), and the
Company (the "Agreement"). Pursuant to the Agreement, HP will cause Merger Sub
to merge with and into the Company and each Share (other than Shares held by the
Company or owned by Merger Sub, HP or any direct or indirect wholly owned
subsidiary of the Company or HP) will be canceled and extinguished and
automatically converted into the right to receive that number of shares (the
"Exchange Ratio") of Common Stock, par value $1.00 per share (the "HP Common
Stock"), of HP derived by dividing $11.00 by the Average Closing Price (as
defined in the Agreement).
 
    The foregoing opinion letter is provided for the information and assistance
of the Board of Directors of the Company in connection with its consideration of
the transaction contemplated therein and is not to be used, circulated, quoted
or otherwise referred to for any other purpose, nor is it to be filed with,
included in or referred to in whole or in part in any registration statement,
proxy statement or any other document, except in accordance with our prior
written consent. We understand that HP has determined to include our opinion in
the above referenced Registration Statement.
 
    In that regard, we hereby consent to the references to the opinion of our
Firm under the captions "SUMMARY--Opinion of Heartstream's Financial Advisor,"
"APPROVAL OF THE MERGER AND RELATED TRANSACTIONS--Heartstream's Reasons for the
Merger; Recommendation of the Heartstream Board of Directors," "--Material
Contacts and Board Deliberations," "--Opinion of Heartstream's Financial
Advisor" and to the inclusion of the foregoing opinion in the Proxy Statement/
Prospectus included in the above-mentioned Registration Statement. In giving
such consent, we do not thereby admit that we come within the category of
persons whose consent is required under Section 7 of the Securities Act of 1933
or the rules and regulations of the Securities and Exchange Commission
thereunder.
 
Very truly yours,
 
/s/ GOLDMAN, SACHS & CO.
---------------------------
 
(GOLDMAN, SACHS & CO.)
