Ralph
17.10.2000, 22:38
IBM Tops Expectations on Middling Revenue
By Thomas Lepri
Staff Reporter
10/17/00 4:26 PM ET
It's not stellar. It's not awful. It's IBM (IBM:NYSE - news).
IBM reported third-quarter earnings generally in line with Wall Street's estimates after the close of regular trading Tuesday. The company said it earned $2 billion, or $1.08 a share, in the period. That figure is up from the 90 cents a share the company earned a year ago. Analysts polled by First Call/Thomson Financial expected it would earn $1.06 a share.
The company reported revenue of $21.8 billion, at the low end of analysts' expectations, and certainly no blowout.
"We would like to have seen more revenue in the quarter, but we were held back by three items," Chairman and CEO Lou Gerstner said in a prepared statement. "First, demand for our microelectronics products -- from both outside customers and internal IBM customers -- far outstripped our ability to supply components. Second, the upcoming release of our new high-end server slowed demand for the System/390 family of servers. Finally, parts of our software business slowed unexpectedly in September."
Ralph
By Thomas Lepri
Staff Reporter
10/17/00 4:26 PM ET
It's not stellar. It's not awful. It's IBM (IBM:NYSE - news).
IBM reported third-quarter earnings generally in line with Wall Street's estimates after the close of regular trading Tuesday. The company said it earned $2 billion, or $1.08 a share, in the period. That figure is up from the 90 cents a share the company earned a year ago. Analysts polled by First Call/Thomson Financial expected it would earn $1.06 a share.
The company reported revenue of $21.8 billion, at the low end of analysts' expectations, and certainly no blowout.
"We would like to have seen more revenue in the quarter, but we were held back by three items," Chairman and CEO Lou Gerstner said in a prepared statement. "First, demand for our microelectronics products -- from both outside customers and internal IBM customers -- far outstripped our ability to supply components. Second, the upcoming release of our new high-end server slowed demand for the System/390 family of servers. Finally, parts of our software business slowed unexpectedly in September."
Ralph