Friday, April 15, 2005
Shares at IBM Corp. fell $3.27, or 3.9 percent, in heavy trading on Thursday afternoon, after the company missed Wall Street's expectations by more than 5 cents amid a disappointing quarter.
IBM's net income rose 3 percent to $1.40 billion, or 84 cents per share, from $1.36 billion, or 79 cents per share, a year ago. Thomson Financial was looking for the company to report higher earnings of 90 cents per share on sales of $23.65 billion in the latest quarter.
Revenues grew 3.3 percent to $22.91 billion from $22.18 billion last year.
"After a strong start, we had difficulty closing transactions in the final weeks of the quarter, especially in countries with soft economic conditions, as well as with short-term Global Services signings," said Samuel J. Palmisano, chairman and CEO, in a statement. "As a result, we did not achieve all of our goals for the quarter."
By: DocMemory
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