EXHIBIT 23.2

               CONSENT OF INDEPENDENT AUDITORS, ERNST & YOUNG LLP

         We consent to the reference to our firm under the caption "Experts"
in Amendment No. 2 to the Registration Statement (Form S-3 No. 333-86378) and
related Prospectus of Hewlett-Packard Company for the registration of
20,532,414 shares of its common stock and to the incorporation by reference
therein of our reports dated January 16, 2002, with respect to the
consolidated financial statements and schedule of Compaq Computer Corporation
included in Hewlett-Packard Company's Current Report on Form 8-K dated
February 14, 2002, filed with the Securities and Exchange Commission.

                                                     /s/ Enrst & Young LLP


Houston, Texas

May 6, 2002