Thursday, November 14, 2002
IBM said it expected to return to financial growth in 2003 as the computer services, hardware and software company cuts costs and takes market share.
At a meeting with industry analysts here, IBM CEO John Joyce called Wall Street estimates for earnings and revenue growth in 2003 "reasonable."
Earnings per share in 2003 for IBM are expected to grow 10 percent while revenues are seen up about 8 percent, according to analyst estimates for 2002 and 2003.
Joyce said that he expected technology spending to increase as compared with gross domestic product growth in the long term but didn't give an outlook for new corporate purchases in 2003. He also declined to comment on the current quarter.
"We think the IT industry will grow faster than GDP over time," Joyce said of spending for information technology during a meeting with analysts in New York on Wednesday.
IBM's growth has been hurt this year by the decline in corporate technology spending that hit certain businesses, such as its microelectronics division, particularly hard.
By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved
|
