IBM (IBM) Stock Off on Lower Hardware Sales
Shares of International Business Machines Corp. (IBM) were trading down -7.20 or -3.67 percent to $189.20 per share in pre-market trading on Thursday, after the company reported earnings following the market close on Wednesday. Earnings were in line with expectations; however hardware revenue sank 23 percent in the quarter. IBM stock closed at $196.40 per share, off -0.62 or -0.31 percent in Wednesdayâ s regular trading session.
Armonk, New York based International Business Machines Corp. is the worldâ s largest provider of computer services, with over 433,000 employees and operations spanning the globe. The companyâ s main business comes from the manufacture of computer hardware and software, infrastructure and hosting and consulting services for a variety of advanced technologies. IBM posted first quarter 2014 earnings of $2.54 a share, excluding items, on revenue of $22.48 billion. The analyst consensus for earnings was for the company to report $2.54 per share on $22.91 billion in revenue. Net income was off -21 percent to $2.4 billion, versus $3 billion in the same period one year ago. Due to IBMâ s aggressive share buyback program â
Published on Apr 17, 2014
By Jay Hawk