W First-quarter net income at IBM slid to 3.03
billion dollars, down from 3.07 billion dollars in the same quarter
last year, IBM said Thursday.
First-quarter profit was 3 dollars a share, which missed the 3.05 dollars predicted by analysts, according to data compiled by Bloomberg news agency, marking the first shortfall in eight years.
Revenues were down 5 per cent to 23.4 billion dollars versus analysts' prediction of 24.6 billion dollars.
Chief financial officer Mark Loughridge said the poor performance of some businesses, such as certain storage products, would prompt the company to take "substantial actions," including job cuts in the current quarter, Bloomberg news service said.
Shares in IBM had been up 8.1 per cent this year and reached a record close of 215.80 dollars on March 14, according to Bloomberg. They fell as low as 195 dollars in extended trading after earnings were announced.
Most Popular Stories
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- Twitter Coming to Phones Without Internet
- NASA Fellowships, Scholarships Bring Diversity to Workforce
- Dish Network Leads 2013 Top 50 Advertisers List
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Entravision Initiates Quarterly Cash Dividend
- Jobs Report Brings Cheer As Unemployment Drops to Five-year Low
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise
- Shanghai Smog Forces Factory Shutdowns