WASHINGTON, D.C. 20549-1004

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                                  JULY 26, 2001
                Date of Report (Date of Earliest Event Reported)

                             HEWLETT-PACKARD COMPANY
             (Exact name of registrant as specified in its charter)

        DELAWARE                    1-4423                   94-1081436
(State or other jurisdiction      (Commission             (I.R.S. Employer
      of incorporation)           File Number)           Identification No.)

                    3000 HANOVER STREET, PALO ALTO, CA 94304
              (Address of principal executive offices) (Zip code)

                                 (650) 857-1501
              (Registrant's telephone number, including area code)



     On July 26, 2001, Hewlett-Packard Company ("HP") issued a press release
updating its fiscal guidance and announcing 6,000 job cuts. The press
release, entitled "HP Updates Guidance; Announces 6,000 Job Cuts" dated July
26, 2001 was filed as Exhibit 99.1 and incorporated by reference into a
previous Form 8-K filed on July 26, 2001. Also on July 26, at 9:00 a.m. EST,
in connection with HP's issuance of the foregoing press release, HP held a
conference call to discuss the contents of the press release. A transcript of
this conference call is furnished herewith as Exhibit 99.1 and incorporated
by reference into this Item 5. The furnishing of this transcript is not
intended to constitute a representation that such furnishing is required by
Regulation FD or that the materials they contain include material investor
information that is not otherwise publicly available. The attached transcript
contains forward-looking statements that involve risks and uncertainties, as
well as assumptions that, if they never materialize or prove incorrect, could
cause the results of HP and its consolidated subsidiaries to differ
materially from those expressed or implied by such forward-looking
statements. All statements other than statements of historical fact are
statements that could be deemed forward-looking statements, including any
projections of earnings, revenues, or other financial items; any statements
of the plans, strategies, and objectives of management for future operations;
any statements concerning proposed new products, services, or developments;
any statements regarding future economic conditions or performance;
statements of belief and any statement of assumptions underlying any of the
foregoing. The risks, uncertainties and assumptions referred to above include
the ability of HP to retain and motivate key employees; the timely
development, production and acceptance of products and services and their
feature sets; the challenge of managing asset levels, including inventory;
the flow of products into third-party distribution channels; the difficulty
of keeping expense growth at modest levels while increasing revenues; and
other risks that are described from time to time in HP's Securities and
Exchange Commission reports, including but not limited to the annual report
on Form 10-K for the year ended Oct. 31, 2000, and subsequently filed
reports. In addition, all of the information in the presentations is
presented as of July 26, 2001, and HP does not assume any obligation or
intend to update such information in the future.


Exhibit 99.1    Transcript of conference call at 9:00 a.m. EST, July 26,
                2001, discussing its press release dated July 26, 2001
                updating guidance and announcing 6,000 job cuts.


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.

                                    HEWLETT-PACKARD COMPANY

Date: July 26, 2001                 By:    /s/ CHARLES N. CHARNAS
                                    Name:  Charles N. Charnas
                                    Title: Assistant Secretary and
                                           Senior Managing Counsel

                          INDEX TO EXHIBITS FILED WITH
                THE CURRENT REPORT ON FORM 8-K DATED JULY 26, 2001

  Exhibit                              Description
-----------   ----------------------------------------------------------------

    99.1      Transcript of conference call at 9:00 a.m. EST, July 26, 2001,
              discussing its press release dated July 26, 2001 updating
              guidance and announcing 6,000 job cuts.