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                       SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549-1004

                                    FORM 8-K

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

                                  JANUARY 11, 2001
                Date of Report (Date of Earliest Event Reported)



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





        DELAWARE                    1-4423                   94-1081436
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(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
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              (Registrant's telephone number, including area code)



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ITEM 5.  OTHER EVENTS.

     On January 11, 2001, Hewlett-Packard Company ("HP") issued a press
release relating to its fiscal 2001 first quarter and full year guidance. The
press release, entitled "HP Updates Guidance" dated January 11, 2001 is
attached hereto as Exhibit 99.1 and incorporated by reference herein. On
January 11 at 2:00 p.m. PST, in connection with HP's issuance of the
foregoing press release, HP held a conference call to discuss the contents of
the press release. Scripts prepared for use by Carleton S. Fiorina and
Stephen J. Pavlovich on this conference call are furnished herewith as
Exhibit 99.2 and incorporated by reference in this Item 5. The furnishing of
these scripts is not intended to constitute a representation such furnishing
is required by Regulation FD or that the materials they contain include
material investor information that is not otherwise publicly available. In
addition, all of the information in the presentations is presented as of
January 11, 2001, and HP does not assume any obligation to update such
information in the future.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

Exhibit 99.1    Press release dated January 11, 2001 entitled "HP Updates
                Guidance."

Exhibit 99.2    Scripts prepared for use by Carleton S. Fiorina and Stephen J.
                Pavlovich for conference call at 2:00 p.m. PST, January 11,
                2001, discussing fiscal 2001 first quarter and full year
                guidance.



                                    SIGNATURE

         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: January 11, 2001                By:    /s/ Ann O. Baskins
                                           -----------------------------------
                                      Name:  Ann O. Baskins
                                      Title: Vice President, General Counsel and
                                             Secretary



                          INDEX TO EXHIBITS FILED WITH
                THE CURRENT REPORT ON FORM 8-K DATED JANUARY 11, 2001




  Exhibit                              Description
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    99.1      Press release dated January 11, 2001 entitled "HP Updates
              Guidance."

    99.2      Scripts prepared for use by Carleton S. Fiorina and Stephen J.
              Pavlovich for conference call at 2:00 p.m. PST, January 11,
              2001, discussing fiscal 2001 first quarter and full year
              guidance.