Filed under: Earnings reports, Microsoft (MSFT), Apple Inc (AAPL), Hewlett-Packard (HPQ), International Business Machines (IBM), Technology
IBM (NYSE: IBM), whose colleagues include Microsoft (NASDAQ: MSFT), Hewlett-Packard (NYSE: HPQ), and Apple (NASDAQ: AAPL), reported a very nice first quarter after the bell on Monday. To my way of thinking, at least. Wall Street was a little disappointed. In the after-hours session, shares were off well over 1%.
Don’t look to earnings as the catalyst for the disappointment. IBM earned $1.70 per diluted share, and according to Reuters, that beat expectations by three pennies. The problem had to do with the top line. The same source said that the market was looking for $22.6 billion in net sales.
Unfortunately, IBM delivered only $21.7 billion in revenues. That represented an 11% drop if you don’t exclude currency effects (excluding them gives you a decline of 4%, which sounds a lot better, certainly).
Continue reading IBM beats profit expectations, but misses on revenues
IBM beats profit expectations, but misses on revenues originally appeared on BloggingStocks on Tue, 21 Apr 2009 08:00:00 EST. Please see our terms for use of feeds.
Entries (RSS)