According to our friend Mr. Seybold...

'Like many companies, HP has taken to reporting its results using practices
that are not generally accepted by the accounting community, so these
non-GAAP numbers are sweetened in HP's favor by excluding expenses HP
considers "outside our core business segment operational results." The GAAP
results showed that the company which finished its fourth straight quarter
as an entity merged with Compaq earned 22 cents per share in profits --
about 10 percent behind the profits in its preceeding quarter.'

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