HP 2011 Annual Report Download - page 83
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Consolidated Statements of Earnings
For the fiscal years ended October 31
2011 2010 2009
In millions, except per share amounts
Net revenue:
Products ........................................... $ 84,757 $ 84,799 $ 74,051
Services ............................................ 42,039 40,816 40,124
Financing income ..................................... 449 418 377
Total net revenue ................................... 127,245 126,033 114,552
Costs and expenses:
Cost of products ..................................... 65,167 65,064 56,503
Cost of services ...................................... 32,056 30,590 30,660
Financing interest .................................... 306 302 326
Research and development .............................. 3,254 2,959 2,819
Selling, general and administrative ........................ 13,466 12,718 11,648
Amortization of purchased intangible assets .................. 1,607 1,484 1,578
Impairment of goodwill and purchased intangible assets ......... 885 — —
Restructuring charges .................................. 645 1,144 640
Acquisition-related charges .............................. 182 293 242
Total operating expenses .............................. 117,568 114,554 104,416
Earnings from operations ................................ 9,677 11,479 10,136
Interest and other, net ................................... (695) (505) (721)
Earnings before taxes ................................... 8,982 10,974 9,415
Provision for taxes ...................................... 1,908 2,213 1,755
Net earnings .......................................... $ 7,074 $ 8,761 $ 7,660
Net earnings per share:
Basic .............................................. $ 3.38 $ 3.78 $ 3.21
Diluted ............................................ $ 3.32 $ 3.69 $ 3.14
Weighted-average shares used to compute net earnings per share:
Basic .............................................. 2,094 2,319 2,388
Diluted ............................................ 2,128 2,372 2,437
The accompanying notes are an integral part of these Consolidated Financial Statements.
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