IBM Misses Q1 Estimates; Stock Falls
International Business Machines (NYSE: IBM) released its fiscal first-quarter earnings results after the closing bell on Thursday.
The company missed both Wall Street earnings and revenue estimates, sending the stock down almost four percent in late trading to $199.48.
IBM reported net income for the first-quarter of $3.03 billion or $2.70 per share, compared to $3.07 billion or $2.61 per share, in last year's corresponding period.
On an adjusted basis, which is comparable to analysts' consensus, the company reported net income of $3.38 billion or $3.00 per share, compared to $3.27 billion or $2.78 per share, in last year's corresponding period. This missed Wall Street consensus EPS estimates of $3.05.
Total revenue in the period was down five percent to $23.41 billion from $24.67 billion last year. This also missed consensus expectations of $24.69 billion.
Looking ahead, IBM reiterated its previous guidance for the full-year 2103 calling for EPS of at least $15.53 and adjusted EPS of at least $16.70. Currently, Wall Street analysts are projecting that the company will earn $16.77 per share for fiscal 2013.
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