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Warren Buffett Is Good On IBM

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Warren Buffett Is Good On IBM
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International Business Machines (NYSE: IBM) had a disappointing earnings report with revenue down for another quarter.

Rumors suggested that billionaire investor Warren Buffett wasn't happy with the stock. He confronted them in a recent interview on CNBC with Becky Quick.

“That's not true, no. no, I've actually bought a few shares this year…And I've never sold a share,” said Buffett, noting that that's for this year, and not since the earnings report came out.

He doesn't think the earnings report should be a surprise.

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“It was actually roughly what they said in the earnings call a quarter earlier. The revenues were down two percent, I think, on a constant currency basis,” said Buffett.

“And I expected that, and I don't think they said anything different. They said earlier that they expected to earn about $2.50 [per share]. They signaled the charge they were going to make ahead of time for layoffs essentially."

"So I - it did not strike me as a big surprise what they reported. Now, it may be a surprise a year from now or two years from now, but I have not been surprised by what they reported.”

Whether or not he'll buy more IBM shares depends on the price, Buffett said.

“We could buy it, but, I mean, I don't announce anything that we're going to buy or sell, but…I wouldn't rule it out.”

Jason Cunningham had no position with the mentioned entities while writing this article. Visit Jason on Twitter at @JasonCunningham and @Benzinga.

Posted-In: Becky Quick CNBCCNBC Earnings News Hot Movers Media Best of Benzinga

 

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