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
Jay Hawk
Jay Hawk enjoyed a 12-year professional financial markets career incorporating extensive first hand futures and options experience obtained by trading in the stock, commodity and forex markets on U.S. exchanges. Since retiring as a full-time financial market professional, he has been actively trading stock, commodities, forex and options for his own account and managing funds for others, as well as writing financial market commentary and educational articles.

Copyrighted 2020. Content published with author's permission.

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